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Entrep L4 > Business Plan > Flashcards

Business Plan Flashcards

1
Q

It is the road map of the entrepreneurs that will usher them to success

A

Business Plan

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2
Q

As written outline that evaluates all aspects of the economic viability of a business venture, including descriptions and analysis of its business prospects

A

Business Plan

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3
Q

It must provide a systematic assessment of all the factors critical to the business purpose and goal

A

Business plan

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4
Q

It typically requires a business plan from an entrepreneur who is securing a loan for business startup or expansion purposes

A

Banks and investment firms

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5
Q

DIT meaning

A

Department of Trade industry

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6
Q

DIT suggests to include;

A

Executive marketing
Marketing plan
Production plan
Organization and management
Financial plan

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7
Q

It includes a brief description of the company and the contributions of its business or projects to the company.

A

Executive summary

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8
Q

It includes a short profile of the employer and its key employees

A

Executive summary

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9
Q

There is NO standard format in writing an?

A

Executive summary

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10
Q

A rule of thumb suggest that the executive summary should be how many pages long?

A

No more than 2 pages long

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11
Q

It contains the product or service description and a comparative analysis

A

Marketing plan

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12
Q

It describes the marketing strategy including sales forecasts, pricing methodology, advertising measures and more

A

Marketing plan

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13
Q

It states that it will be provided and sold to the market

A

Production plan

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14
Q

Describes the benefits of the products or services, and discusses the production process, factory and equipment, raw materials, cost and availability of labor n more

A

Production plan

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15
Q

It states the form of business (e.g. sole, proprietorship, partnership or corporation)

A

Organization and management plan

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16
Q

It details the amount of funding needed to finance the project or business

A

Financial plan

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17
Q

It discusses the financial analysis and outlook if the business including the project cost, income and cash flow statements, balance sheet and more

A

Financial plan

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18
Q

Is basically the second section coming after the executive summary

A

Company description

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19
Q

It provides an overview of the key aspects of the business such as its vision and mission, objectives, nature and scope of the business, product and services and other highlights

A

Company description

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20
Q

Elements of company description

A

Company name
Type of business structure
Management team
Location
Brief history
Vision and mission
Business objectives

21
Q

The registered or official name of the business

A

Company name

22
Q

It is either a sole, proprietorship, partnership or corporation

A

Type of business structure

23
Q

The names of the owners and key people behind the company

A

Management team

24
Q

The exact address of the company

A

Location

25
Q

The origin and inspiration of the business

A

Brief history

26
Q

A clear statement that represents the goals, aspirations, and purpose of the company

A

Vision and mission statement

27
Q

An outline of the company wants to accomplish in

A

Business objectives

28
Q

This portion of the business plan takes into account the opportunities and threats facing the company

A

Industrial analysis

29
Q

This will enable the reader to understand the position of the company relative to other companies in the industry

A

Industrial analysis

30
Q

What are the 3 major elements of industrial analysis

A

Underlying forces
Overall attractiveness
Critical factors

31
Q

It summarize information about the business organizations

A

Organizational structure

32
Q

It outlines how certain activities are implemented in order to achieve the goals of an organization

A

Organization structure

33
Q

This section of the business plan covers 2 main areas

A

Organization
Team management

34
Q

It discuss the business structure, whether a business is a sole proprietorship, partnership, or corporation, and the people involved in the management of the business

A

Organization

35
Q

It discusses each key person’s roles, functions, and expertise

A

Management team

36
Q

It would include an organizational chart to describe key responsibilities and accountability in the company

A

Organizational structure

37
Q

It builds upon the industry section of the business plan

A

Marketing strategy

38
Q

It describes the foundation which a company’s marketing activities and sale operations will rest

A

Marketing strategy

39
Q

It also discusses the company’s value proposition and marketing mix, also known as the “4ps in marketing”

A

Marketing strategy

40
Q

Their objectives aims to show investors and other stakeholders that the company knows its market and that the market is large enough to sustain the business

A

Marketing strategy

41
Q

It clearly outlines how the company will find new customers, how the business fits into the market and how the product or service will be priced or promoted

A

Marketing strategy

42
Q

This section is to present how the business retains and attracts the customers; and highlights a niche or segment in the market that a company can exploit

A

Marketing strategy

43
Q

There is no format in writing a

A

Marketing strategy

44
Q

Is an important section of any business plan since it will convince the reader that the business is stable and financially successful

A

Financial projections

45
Q

It helps entrepreneurs to evaluate the business, win over investo secure bank loans, or produce a long-term growth strategy for the business.

A

Financial projection

46
Q

are a forecast of future profits and expenses. They provide a prospective financial outlook for the business, which include forecasted income statements, balance sheets, and cash flow statements.

A

Financial projection

47
Q

A rule of thumb is to prepare three-year to five-year projections of the financial statements

A

Financial projection

48
Q

It would help to include comparative analysis, financial analysis, and graphs and charts for easy reference and clarity of change

A

Financial projection

49
Q

Entrepreneurs must be specific in making their projections, making sure t revenue forecasts match the growth strategy or funding requirements of business.

A

Financial projection

Entrep L4 (1 decks)

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