ENTREPRENEURSHIP - CHAPTER 3
REVIEW EXAM QUESTIONS AND
ANSWERS
Why do you think the quality of the business plan is so critical to an entrepreneur's
success? -ANSI think the quality of the business plan is so critical because that plan is
what entails the following procedures for the business that it's for. If the plan isn't very
well thought out or it just lays out the basics, it won't really help the business owner if
anything unexpected comes their way. The plan helps the entrepreneur lay out the
future of their business for the coming years.
Melinda Rosati wants to purchase her uncle's barber shop. Because it is an ongoing
business, Melinda doesn't think she needs to write a business plan. Do you agree or
disagree with Melinda? Explain your answer. -ANSI disagree with her to a certain
extent. Though that business is already up and running, it is now being run by an
entirely new owner. That owner will definitely have different visions than the previous
owner so a business plan would come in handy here. Melinda, being the owner and all,
would definitely want to lay out her visions and her future plans for newly purchased
business.
Putting your business plan in writing helps you communicate your ideas to others. Do
you think discussing your business plan aloud with others can also help get your ideas
across to them? Why or why not? -ANSI think discussing your plan is pretty important
because after discussing it, others could give you constructive criticism and with that,
more ideas could come to your head that could most likely improve your business even
more.
Why is it possible to write an executive summary only after you have written the main
body of your business plan? Why might the executive summary be more important than
the body of the plan? -ANSThe executive summary is usually written after you have
written the main body for one reason, that reason being is the executive summary
provides an overview of what the business plan is. You can't write an overview of
something that you haven't even finished. The executive summary is basically the table
of contents of the business plan. It might be more important because if someone is to
read the business plan but looking for a specific thing, the executive summary might be
able to help them find what they are looking for.
Why do you think it is important to include management and staffing in the operations
section of your business plan? -ANSIt is important to include management and staffing
in your business plan because this section would highlight the team and what they do,
REVIEW EXAM QUESTIONS AND
ANSWERS
Why do you think the quality of the business plan is so critical to an entrepreneur's
success? -ANSI think the quality of the business plan is so critical because that plan is
what entails the following procedures for the business that it's for. If the plan isn't very
well thought out or it just lays out the basics, it won't really help the business owner if
anything unexpected comes their way. The plan helps the entrepreneur lay out the
future of their business for the coming years.
Melinda Rosati wants to purchase her uncle's barber shop. Because it is an ongoing
business, Melinda doesn't think she needs to write a business plan. Do you agree or
disagree with Melinda? Explain your answer. -ANSI disagree with her to a certain
extent. Though that business is already up and running, it is now being run by an
entirely new owner. That owner will definitely have different visions than the previous
owner so a business plan would come in handy here. Melinda, being the owner and all,
would definitely want to lay out her visions and her future plans for newly purchased
business.
Putting your business plan in writing helps you communicate your ideas to others. Do
you think discussing your business plan aloud with others can also help get your ideas
across to them? Why or why not? -ANSI think discussing your plan is pretty important
because after discussing it, others could give you constructive criticism and with that,
more ideas could come to your head that could most likely improve your business even
more.
Why is it possible to write an executive summary only after you have written the main
body of your business plan? Why might the executive summary be more important than
the body of the plan? -ANSThe executive summary is usually written after you have
written the main body for one reason, that reason being is the executive summary
provides an overview of what the business plan is. You can't write an overview of
something that you haven't even finished. The executive summary is basically the table
of contents of the business plan. It might be more important because if someone is to
read the business plan but looking for a specific thing, the executive summary might be
able to help them find what they are looking for.
Why do you think it is important to include management and staffing in the operations
section of your business plan? -ANSIt is important to include management and staffing
in your business plan because this section would highlight the team and what they do,
