What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business.

• To help reduce the risk of business failure.

• All of the above.

Complete the sentence: A business plan...

• is useful once your business is operational but not much help during the startup phase

• is not usually needed once the business is up and running

• can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

How a company will make customers aware of its products/services

• Marketing Plan
• Industry Overview
• Product and Service Plan
• Growth Plan

A brief account of the key points contained in a business plan

• Executive Summary
• Company Description
• Mission Statement
• Vision Statement

A description that provides an outline of a business

• Executive Summary
• Company Description
• Contingency Plan
• Mission Statement

Research of the potential customer’s profile

• Market Analysis
• Marketing Plan
• Mission Statement
• Growth Plan

A business plan would normally be updated:

• Every day

• A month after the business starts

• Once a business adjusts its aims/objectives

• Every so often

• Never - It stays the same in its original form

A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.

• Companies, Business
• Companies, Research
• Customer, Business
• Business, Customer

a business plan 

• is useful once your business is operational but not much help during the startup phase
• is not usually needed to secure financing in your business
• can serve as a tool for managing your business once it is up and running
• All of the above