Business Plan Exam Questions with Verified Solutions Rated A+ (Already Passed)

Business Plan Exam Questions with Verified Solutions Rated A+ (Already Passed) Business plan - Answers A written document that defines goals of your business and how to attain it Business plan - Answers Sets objectives, defines budgets, engages partners and anticipates problems before they occur -attract investors -see if business ideas will work -outline each area of the business -set up milestones -learn about the market -secure additional funding or loans -determine financial needs -attract top-level people -monitor business -devise contigency plan - Answers 10 reasons why a strong business plan is needed -mini-plan -working plan -presentation Plan - Answers types of business plan Mini plan - Answers Less emphasis pm critical details. used to test assumptions, concept and measure the interest of potential investors working Plan - Answers Almost total emphasis on details, used continuously to review operations and progress Presentation plan - Answers Emphasis on marketability of the business concept. Used to give info about the business Overview of the business Marketing Plan Financial Management Plan Operations and management plan - Answers Essential components of a business plan Overview of the business - Answers describes the business, including its products and services Marketing Plan - Answers Describes the target market for product and explains how you will reach that market Financial Management - Answers Details the cost associated with operating your business and explains how you will pay for those cost Operations and Management Plan - Answers describes how you will manage the core processes -Executive summary -Business concept -Market analysis -Management Team -Marketing plan -Financial Plan -Operations and management plan - Answers Common parts of a business plan Executive summary - Answers critical, because many individuals only read the summary -includes projected sales and profits, unit sales, profitability and keys to success -highlights charts, market share projections, and customer demand charts