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WorksheetsDash to Success - Round 4
Total questions: 68
Worksheet time: 2hrs 51mins
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 is NOT a heading on a business plan?
The staff
The idea
Market research
Advertising campaign examples
Competitors
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
This is what your business is going to correct or "fix." You ask yourself what is the __________?
problem
product
customer
channel
A thing that you can touch or a service that you can offer which is sold to your customers
problem
product
solution
key metrics
This is where your target customers are listed. Who do you want to help?
unique value proposition
competitive advantage
customer segments
key metrics
This is where you are evaluating your business. What is going well/wrong? How do you implement a fix?
key metrics
customer segments
solution
revenue
This is how your business is going to "fix" a problem in the area you are working.
problem
solution
channel
key metrics
This is how you get your idea out, advertise.
key metrics
solution
channels
revenue streams
These are your expenses. All the money you have to pay into your business to keep it going.
channels
revenue streams
cost structure
competitive advantage
This is the value of your product and how it differs from others. Includes mission statement
solution
customer segments
channels
unique value proposition
This involves your pricing of products/services. What/where are moneys coming into your business?
problem
key metrics
revenue streams
cost structure
This is a simple diagram that captures a business model.
lean canvas model
problem
key metrics
customer segments
Which 2 documents summarize the business plan of a company? (choose 2)
BUSINESS PLAN
LEAN CANVAS
BALANCE SHEET
MARKETING PLAN
PITCH DECK
T/F The goal of a pitch deck is to get investors' attention
True
False
Business plans are text-based documents
True
False
A pitch deck is a visual slide presentation
True
False
Business Plans are highly visual
True
False
A typical pitch deck has between 20-100 slides
True
False
A __________is a multi-page document describing and detailing a business.
Pitch Deck
Business Plan
Lean Canvas
A slide presentation for potential investors that summarizes of the key items of a business is called a __________.
Business Plan
Pitch Deck
Lean Canvas
A __________ is a single-page business summary template.
Business Plan
Pitch Deck
Lean Canvas
Which 3 components are characteristic of a Pitch Deck? (choose 3)
10-20 slides
Highly visual
highly texted based
used to get investors attention
used to get investor buy in
How long is a pitch deck?
10-100 minutes
10-100 pages
15-20 slides
15-20 minutes
How long are business plans?
15-20 minutes
10-100 minutes
15-20 slides
10-100 pages
Match the stage of the Business Life Cycle:
COMPANY IS NOW STABLE AND PROFITABLE
Success
Takeoff
Maturity
Existence
You need to create a legal structure for your small business. You would like some of the benefits enjoyed by larger corporations, but do not want to be taxed twice. You have four partners who will be shareholders. None of you plan to sell your ownership shares to the public but do want to be protected from business liabilities. Which legal structure should you set up for your business?
C-Corp
Partnership
S-Corp
LLC
Choose the correct Business Life Cycle Stages in order from beginning.
Existence
Survival
Success
Take-off
Maturity of Resources
Match the stage of the Business Life Cycle:
The business is separate from the owner with responsibilities delegated to staff. A business in this stage usually commands a considerable share of the market and may even be a household name
Survival of the Fittest
Takeoff
Maturity
Existence
Which phase of the Design Process will state your users' needs and problems
Empathize
Define
Ideate
Prototype
Test
Which phase of the Design Process will challenge Assumptions and create ideas
Empathize
Define
Ideate
Prototype
Test
Which phase of the Design Process will try your solutions
Empathize
Define
Ideate
Prototype
Test
Which phase of the Design Process will research your users' needs
Empathize
Define
Ideate
Prototype
Test
An intangible service or skill that is performed.
Product
Service
A business with pass-through taxation where owners pay taxes on the company's profit and losses through their personal taxes. No risk of personal law suit.
LLC
Non Profit
Sole Proprietorship
S Corporation
Holds a leadership role within a business and oversees a business's operations and resources and makes the major decisions for the company.
CEO
Stakeholder
Stockholder
COO
An individual with an interest in a business.
Stakeholder
Customer
Business Life Cycle Stages
Stage 1 - When a business begins
Existence
Survival
Success Stage
Take-Off Stage
Resourse Maturity Stage
Holds a leadership role within a business and is responsible for overseeing the day-to-day administrative and operational functions of a business.
CEO
CFO
Employee
COO
Business Life Cycle Stages
Stage 4 - When an owner decides whether to continue growing the business and how to finance growth.
Pivot or Persist
Survival
Exit Plan Stage
Take-Off Stage
Resourse Maturity Stage
Business Life Cycle Stages
Stage 2 - Income and customers begin to grow
Existence
Survival
Success Stage
Take-Off Stage
Resourse Maturity Stage
Which corporation uses a double layer of taxation?
C Corporation
S Corporation
Limited Liability Corporation
Sole Proprietorship
What is the main drawback of a sole proprietorship?
They are easy to create
They require a partner
They are responsible to shareholders
They have unlimited personal liability
Cindy owns a law firm. She recently begun earning more money, and the firm's finances are doing well. In which business life cycle stage is Cindy in?
Existence
Take-off
Success
Survival
Sharon owns a small boutique store. The store has not been receiving a lot of business during the last few months and has been making a low profit. Sharon has a meeting scheduled to discuss these issues with other employees of the grocery store. In which business life cycle state is Sharon in?
Survival
Pivot or persist
Resource maturity
Exit plan
The which of the following the following are stakeholders (you may choose more than one)
Employees
People who own stock of the company
The community that the business is in.
Vendors
Customers
Liability:
A creative work or invention to which an individual has been given rights.
A new idea, product, or method.
The amount of money owed to an entity.
Goods a business owns with the purpose of selling.
The state of being RESPONSIBLE for something
Maturity
Proprietor
Owner
Investor
During the take off stage the owner is focused on (a) and funding it
During which stage of the design thinking process is a problem statement formed?
Define
Test
Ideate
Protoype
An individual hired by a company and compensated for their work.
Customer
Stakeholder
Stockholder
Employee
Specialist/
Consultant
Which one of these is a characteristic of a successful entrepreneur mindset?
doesn't give up easily
makes friends quickly
likes to argue
lives in a dreamworld
During which stage of the design thinking process will the design team create multiple inexpensive product versions?
Test
Define
Prototype
Emphasize
Nonprofit:
A type of business that has no owner and does not pay federal US taxes.
The expenses incurred for running day-to-day tasks in a business.
The way one approaches new ideas and ventures in their life.
A form of communication between businesses and customers which relays a message promoting services and/or goods.
What is a disadvantage of S Corporations?
They have high taxation rates
There are very strict qualification requirements for becoming an S corporation
There is a limited number of allowed S corporations
They are subject to double-taxation
