HW-2 CH 7 LO 1,2,3,4,5,6,8 The Business Plan

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

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.

Complete the sentence: A business plan...

• is useful once your business is operational but not much help during the startup phase

• is not usually needed once the business is up and running

• can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

Looks at likely risks to the business

• Contingency Plan
• Management Team Plan
• Marketing Plan
• Industry Overview

An analysis of the business’s advantage over its competitors

• Growth Plan
• Competitive Analysis
• Contingency Plan
• Market Analysis

A part of the business processes that result in the production and delivery of the product or service

• Competitive Analysis
• Company Description
• Operational Plan
• Organizational Plan

How a company will make customers aware of its products/services

• Marketing Plan
• Industry Overview
• Product and Service Plan
• Growth Plan

Looks at how the business will expand in the future

• Growth Plan
• Product and Service Plan
• Contingency Plan
• Company Description

A brief account of the key points contained in a business plan

• Executive Summary
• Company Description
• Mission Statement
• Vision Statement