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WorksheetsBusiness Plan Final Summative
Total questions: 40
Worksheet time: 20mins
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.
Which of the following would be interested in seeing the business plan of a new company?
Customers
Potential investors
The owners of the company
Banks/ potential lenders
Local council
A business plan would normally be updated:
Every day
A month after the business starts
Once a business adjusts its aims/objectives
Every so often
Never - It stays the same in its original form
Refers to what you are selling, including all of the features, advantages and benefits that your customers can get.
Price
Packaging
Promotion
Product
It shows and defines the hierarchy of the different positions in the organization.
Roles and Responsibilities
Form of Business Organization
Organizational Structure
Salary Requirements
It details how the proposed business will sell its product to the target consumer.
Marketing Plan
Financial Plan
Organizational Plan
Introduction
Refers to the staff and salespeople who work for your business, including yourself.
Positioning
Promotion
Place
People
This refers to where your products and services are seen, made, sold or distributed
Promotion
Place
Positioning
People
It may come in the form of a sole proprietorship, a partnership, or a corporation.
Roles and Responsibility
Form of the Business
Organizational Structure
Liability of the Owner
Refers to how people think and talk about you when you're not present.
Positioning
Promotion
People
Place
Which of the following factors does not affect the selection of the business form?
Nature of the Business
Liability of the Owner
Capital Requirement
Marketing Strategy
It refers to methods you can use to let potential customer know about your products and services.
Promotion
Packaging
Positioning
Price
It must be clearly defined in order to avoid misunderstanding and overlapping of functions.
Liability of the owner
Organizational Structure
Roles and Responsibilities
Form of the Business Organization
Refers to the way your product or service appears from the outside.
Place
Packaging
Price
Promotion
How long does a business plan generally projects?
3-5 Years
5-7
1-2
9-10
1. Although clarifying direction in the business plan lets you know where you're starting, ________________________ allows you to have goals to reach for.
Clarifies Direction
Future Vision
Attracts Financing
Attracts Team Members
A business plan conveys the ___________________________ of your business, including titles of directors or officers and their individual duties.
Operational Milestones
Organizational Structure
Management Tool
Objectives and Goals
Every business is structured ___________________.
To make money
As a Sole Proprietorship
Differently
The same
What is an Entreprenuer?
A person who starts a business because he wants to lose money.
A person who starts a business because he wants to steal money.
A person who starts a business because he wants to scam other people's money.
A person who starts a business because he wants to make money.
What is a product?
Do work for others and get paid for doing it.
Do work for others and get nothing for doing it.
Make or gather something that others are forced to buy
Make or gather something that others are willing to buy
What is a service?
Do work for others and get paid for doing it
Make or gather something that others are forced to buy
Do work for others and get nothing for doing it
Make or gather something that others are willing to buy
Product and Service plan of the business plan includes or describes...
Your main competition
Provides an outline of the business
Describes the business opportunity and explains why the venture will succeed
Include the unique features of your products or services and possible spin-offs.
In your business plan it is important to include your competition?
No
Yes
Only if it is a big business
It is optional
Why conduct market research?
To network with other businesses
To keep the Marketing Dept. busy
To identify what customers want/need
What is the biggest advertising medium of the 21st Centure
Newspaper
Mobile Internet
Radio
Television
