Business Plan Unit

Which word BEST describes the role of a business plan?

• Permanent

• Essential

• Optional

• Exhaustive

Which is the SECOND step in developing a business idea?

• generate multiple ideas

• develop a minimally viable version

• test the product with customers

• decide if the idea is feasible

Once a potential business concept has been proven to be financially feasible, which aspect of the business plan should the entrepreneur consider NEXT?

• Investors

• Ideation

• Market

• Presentation

Which is the LAST step in developing a new business idea?

• generating additional concepts

• planning for unforseen setbacks

• testing a prototype with customers

• deciding if an idea is feasible

A business plan is to a new business as a _____ is to a new house.

• Front Yard

• Foundation

• Mortgage

• Mailbox

Which part of the business plan describes how the product or service will reach customers?

• Operations

• Company Overview

• Sales and Marketing

• Financials

Which part of the business plan provides a summary of how the business will be run?

• Executive Summary

• Company Overview

• Market Research

• Operations

Which segment of the business plan is devoted to a discussion of the entrepreneur’s start-up costs?

• Financials

• Company Overview

• Operations

• Appendices

In addition to being accurate and free of errors, what else should an effective business plan attempt to be?

• Humble

• Realistic

• Revolutionary

• Exhaustive

By including _____ and _____ in the business plan, the audience will better understand the business’s deepest values.

• Vision ; Mission

• Goals ; Objectives

• Marketing ; Sales

• Facts ; Figures