Business Plan Flashcard

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What is a business plan?

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A business plan is a formal document that outlines the goals of a business, the strategy for achieving them, and the resources required.

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What is the purpose of the Sales and Marketing section in a business plan?

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The Sales and Marketing section describes how the product or service will reach customers and outlines the strategies for attracting and retaining them.

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Define an entrepreneur.

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An entrepreneur is a person who organizes and operates a business or businesses, taking on financial risks to do so.

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What is a Growth Plan in a business context?

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A Growth Plan outlines how a business intends to expand in the future, including strategies for increasing market share and revenue.

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What role does marketing information play in business?

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Marketing information helps businesses understand customer needs and preferences, enabling them to develop new products and improve existing ones.

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Who was the first African American billionaire?

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Oprah Winfrey.

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What is the significance of a Financials section in a business plan?

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The Financials section provides an overview of the business's financial health, including projections for revenue, expenses, and profitability.

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What is a Contingency Plan?

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A Contingency Plan outlines alternative strategies to be implemented in case of unexpected events or challenges.

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What is the Company Overview section of a business plan?

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The Company Overview section provides a summary of the business, including its mission, vision, and the products or services it offers.

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What is market research?

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Market research is the process of gathering, analyzing, and interpreting information about a market, including information about the target audience and competitors.