Entrepreneurship Quiz Parts of a Business Plan

What is a business plan?

• A description of the funding sources for a business

• A summary of employee roles in a business

• A list of competitors in the market

• A document that describes what a business wants to do and how it plans to do it

Why are business plans important?

• To ensure a business is well-organized and has a good chance of succeeding

• To list the costs of starting a business

• To describe the pricing strategy of a business

• To identify the competitors in the market

What does the 'Pitch' component of a business plan focus on?

• Explaining why people need the product or service being offered

• Describing the pricing strategy of the business

• Outlining the workforce requirements

• Listing the competitors in the market

How does the 'Getting the word out' component of a business plan help a business?

• By detailing marketing and advertising strategies to attract customers

• By describing the funding sources for the business

• By outlining the costs of starting the business

• By analyzing the competitors in the market

What does the 'The competition' component of a business plan focus on?

• Identifying competitors and analyzing their strengths and weaknesses

• Describing the pricing strategy of the business

• Outlining the workforce requirements

• Detailing the marketing and advertising strategies

What does the 'The Workforce' component of a business plan outline?

• The marketing and advertising strategies

• The funding sources for the business

• The pricing strategy of the business

• The number of employees needed and their roles

What does the 'The costs' component of a business plan detail?

• The pricing strategy of the business

• The startup costs and ongoing expenses required to launch and operate the business

• The marketing and advertising strategies

• The competitors in the market

What does the 'The Funding' component of a business plan describe?

• The number of employees needed and their roles

• The marketing and advertising strategies

• How to obtain the money needed to start the business

• The pricing strategy of the business

What does the 'The Price' component of a business plan outline?

• The workforce requirements

• The pricing strategy for the product or service

• The competitors in the market

• The funding sources for the business

What is the market in a business plan?

• The list of competitors in the market

• The group of potential customers interested in and able to buy the product or service

• The funding sources for the business

• The pricing strategy of the business