Chapter 17 Essay Business Ventrures

Question 1

Components of a business plan

Answer 1

Cover page
Contents page / index
Executive summary
Marketing plan

Question 2

1. Cover page

Answer 2

The name of the business

Question 3

2. Contents page / index

Answer 3

Allows reader to find info in document

Question 4

3. Executive summary

Answer 4

Detailed summary of the entire business plan

Question 5

4. Marketing plan

Answer 5

Gives details about the 7p’s of marketing

Question 6

1. Importance of a business plan

Answer 6

Can be used to attract investors and prospective employees

Question 7

2. Importance of a business plan

Answer 7

Evaluates success of a business

Question 8

3. Importance of a business plan

Answer 8

Involves processes and practices of the business operations

Question 9

4. Importance of a business plan

Answer 9

Gives direction once the business is operating

Question 10

5. Importance of a business plan

Answer 10

Essential when applying for financial assistance from investors or lenders

Question 11

6. Importance of a business plan

Answer 11

Helps entrepreneurs to set goals and objectives

Question 12

1.Challenges of micro environment (PESTILE)

Answer 12

Framework that analysis challenges under macro environment

Question 13

2. Challenges of micro environment (PESTILE)

Answer 13

Entrepreneurs should look at the factors that could have a negative impact on their business

Question 14

3. Challenges of micro environment (PESTILE)

Answer 14

Businesses do not have control over elements/ features of macro environment

Question 15

4. Challenges of micro environment (PESTILE)

Answer 15

Businesses can use pestile analysis to scan external macro environment

Question 16

5. Challenges of micro environment (PESTILE)

Answer 16

PESTILE analysis enables a business to identify challenges posed by these external factors

Question 17

1. Purpose of an executive summary

Answer 17

Form of the business enterprise

Question 18

2.Purpose of an executive summary

Answer 18

The main activity must be included in executive summary

Question 19

3. Purpose of an executive summary

Answer 19

Gives reader idea of what is contained in business plan

Question 20

4. Purpose of an executive summary

Answer 20

Most lenders and investors read it first before they read the entire business plan

Question 21

5. Purpose of an executive summary

Answer 21

Gives reader overview of entire document

Question 22

1. Introduction

Answer 22

1. Business needs to be registered before it can obtain finance or start doing transactions.

Question 23

2. Intro

Answer 23

2. Packaging of a product should protect and preserve the product

Question 24

1.Conclusion

Answer 24

Income statement shows actual losses and profits.