Writing a Business Plan

What is a business plan?

• A) A document that outlines a company's history and achievements.

• B) A written plan that outlines a company's financial, marketing, and operational strategies.

• C) A legal contract between a company and its employees.

• D) A government document that grants permission to start a company.

What should you briefly tell your reader about in a company description?

• The history of your industry

• What your company is and why it will be successful

• Your personal background

• Competitor analysis

What should be included in a company description along with the mission statement?

• Basic information about your company's leadership team, employees, location, and financial information

• A comprehensive breakdown of your anticipated revenue, costs, and profits.

• The purpose for creating your business and your 10 year vision.

• A step-by-step plan of action to effectively launch your start-up company.

Why should you include financial information and high-level growth plans in your company description?

• To provide entertainment to the reader

• To ask for financing

• To share with your friends

• To include in a time capsule

What is a brand defined as in the context of the mission statement?

• The logo and design of a company.

• The sum of how a product or business is perceived by those who experience it.

• The financial value of a company.

• The legal ownership of a company.

What is the purpose of creating a mission statement for your business?

• To outline the financial goals of the company.

• To explain the purpose of your business and establish a connection.

• To provide a history of the company.

• To list the products and services offered by the company.

What does a mission statement provide besides an explanation of what the company does?

• A detailed biography of the CEO.

• The why behind the company.

• A forecast of the company's growth.

• The company's stock market performance.

When finalizing a mission statement, what should be omitted?

• Key objectives of the company

• Anything that feels out of place or doesn't add value

• Common threads found in the first three steps

• Memorable phrases or sentences

What is recommended for the length of a mission statement?

• It should be as long as necessary to cover all details

• It must be exactly one sentence long

• There's no hard and fast rule, but one memorable phrase or sentence is best

• It should be a detailed multi-paragraph document

What is the mission statement of LEGO as mentioned in the example?

• To offer designer eyewear at a revolutionary price while leading the way for socially conscious businesses.

• Spread ideas, foster community and create impact.

• We believe that every child in the United States needs—and deserves—healthy food in order to grow and thrive.

• To inspire and develop the builders of tomorrow.