Business Plan Warm Up (Unit 5)

A business plan is a(n):

• PowerPoint presentation that entrepreneurs give to sponsors in order to raise money

• written document that describes a business and how it will operate

• document that business owners look at before they acquire a new franchise

• description of the business to be distributed to investors only

The U.S. Small Business Administration (SBA):

• was created to administer trade agreements and provide technical assistance to small businesses

• was created to help America’s entrepreneurs form successful businesses

• promotes fair advertising and selling practices

• is an organization developed to keep small business from becoming larger and turning into monopolies

Refers to how people think and talk about you when you're not present.

• Positioning

• Promotion

• People

• Place

A ____________________________ describes the nature of your business and list the marketplace needs that you are trying to satisfy.

• Market Analysis

• Financial Reports

• Appendix

• Company Description

The primary purpose of a business plan is to define what the business is or what it intends to be over time.

• True

• False

What element(s) are NOT of a business plan?

• Introduction

• Operations & HR Plan

• Insurance Plan

• Marketing Plan

• Financial Plan

Effective business writing is easy to read.

• True

• False

The executive summary should highlight the strengths of your overall plan and therefore be the last section you write.

• True

• False

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.

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