Business Plan & Entreprenuer

Which section of a business plan is generally first but written last?

• Executive summary
• Business description and vision
• Organization and management
• Description of market

What's the biggest mistake you can make when preparing a business plan?

• Failing to include at least one appendix
• Not telling a compelling story
• Misrepresenting facts
• Failing to have a clear vision of the business

Which of the following information is never included in the financial management section of a business plan?

• An income statement
• A cash flow statement
• A personal financial statement
• None of the answers are correct

What's a typical time frame that a business plan addresses?

• Three to five years
• One year
• The anticipated life of the business
• At least ten years

What do you call a written document that outlines a business's objectives and the strategy and tactics that it will use to achieve those objectives over anywhere from a three to five year period of time.

• A business plan
• A medium term plan
• A strategic plan
• An SBA certified business plan

Why is being an entrepreneur risky?

• Because there are no more creative enterprises to create a business out of.
• Because entrepreneurs always fail.
• Because you often risk your own personal wealth.
• Because people don't trust entrepreneurs.

If you possess excellent organizational skills, but are risk-averse and don't like taking initiative, would being an entrepreneur be a good profession for you?

• Yes, entrepreneurs should be risk-averse.
• No, entrepreneurs should rely on others to organize the business.
• No, entrepreneurs must be risk-takers who take initiative and have excellent organizational skills.
• Yes, all you need is good organizational skills.

Bill Gates is probably all of the following EXCEPT:

• independent.
• a risk-taker.
• an effective communicator.
• someone who relies on the opinions of others.

Why is creating an entrepreneurial team a good idea?

• Because it increases your investments.
• Because entrepreneurs prefer to work with people.
• Because it ensures your business will be a success.
• Because you spread out the risk and use each other's skills.

Which one of the following is NOT a type of problem that an entrepreneur must often solve?

• Product design
• Management
• Financing
• None of the answers are correct