Entrepreneurship Unit 10 Review

A business plan: 

• Describes what a business produces and how it produces

• Describes how a business stands out from its competitors

• Provides detailed financial information that shows how a business will succeed

• All of the above

On average, entrepreneurs spend a total between ____ hours of researching and writing a business plan. 

• 25-50

• 50-100

• 50-75

• 10-20

Once you have put your business plan together, what is one thing that is NOT required for you to do before making the plan public?

• Must be typed and printed on standard- sized white paper

• Proofread for any typos or grammatical errors

• Send it to your Board of Directors for approval

• Make sure all sections have a consistent format and is written in formal language

Financial statements in a business plan includes both projected and actual figures.

• True

• False

The ___ lists material included in documents, as well as page numbers of each topic or chapter. 

• Table of Contents

• Title Page

• Cover Letter

• Statement of Purpose

A statement of purpose in a business plan is a 1-2 page explanation on why you are asking for capital and your plans to utilize it.

• True

• False

A(n) ___ is a guide for any business decision-making, as well as illustrates a business's vision for future growth. 

• Business aspect

• Secure financing

• Idea

• Managing Tool

Employees' experience is a factor that increases chances on receiving financial support from banks and investors. 

• True

• False

Which of these are included in the "Introduction" section of a business plan?

• Cover Letter

• Title Page

• Statement of Purpose

• Executive Summary

• All of the above

(Check all that apply!) Which of these would you include in the "Appendix" Section of a business plan?

• Tax returns from the last 3 years

• Resumes of business owners

• Licenses and certifications

• Social Security Cards of business owners