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WorksheetsThe Business Plan 5.2
Total questions: 25
Worksheet time: 13mins
What is a business plan?
A business plan is a document that describes a new business and a strategy to launch that business.
What is a value chain?
A value chain is the distribution channel through which your product or service travels through.
What does the contingency plan look at?
The contingency plan looks at probable risks for the business and ways to avoid them
A vision statement establishes...
The scope and purpose of a company and reflects its values and beliefs.
A business concept is...
A clear and brief description of an opportunity
What expresses the specific aspirations of a company or the major goals it strives for?
What is an executive summary?
An executive summary is a brief recounting of the key points contained in a business plan.
A distribution channel is...
The means by which you deliver the product or service.
A direct channel is...
A direct channel is a distribution channel that sells directly to the customer
An indirect channel is...
a channel where the product is sold through a middleman
a channel where the product is sold directly to the customers
What is the Small Business Administration (SBA)?
The Small Business Administration (SBA) is a federal agency that provides support to small businesses and new entrepreneurs
A trade association is...
An organization that offers technical and general assistance to entrepreneurs in a specific industry
The four elements of a business concept are...
product or service, target market, benefits, and distribution method
Who reads executive summaries?
Investors and lenders typically read executive summaries.
Consumers who are most likely to purchase certain products and services are called...
Target Customers
What must you describe in a management team plan?
Budget, staffing, marketing, sales, customer service, product development
What does a business model do?
A business model Gives details about how you plan to make money with your business concept.
The company's description outlines...
the company's future plans
the company's background and basic business concept
the recipe for the company's secret sauce
What is the product and service plan?
The product and service plan is a package that includes both the product being offered and the services provided
The product and service plan is the guiding principles by which a company functions
The vision and mission statement section of the business plan states...
The vision and mission statement section of the business plan states the guiding principles by which a company functions.
Why is the market analysis important?
Market analysis is important because it helps businesses understand market trends, customer needs, and competition.
A market plan discusses...
how a company makes its customers aware of its products or services
the history and background of a company
the financial statements and budget of a company
the legal and regulatory requirements of a company
What does the financial plan present?
The financial plan presents forecasts for the future of the business
What plan looks at how the business will expand in the future?
Opening plan
What is the operational plan?
The operational plan is a detailed plan that results in production and delivery of the product or service.
