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Question 1

What is the standard instrument in business life that is written in two different situations: by established companies and by founders?

Answer 1

The standard instrument is the business plan.

Question 2

What are the two situations in which business plans are written voluntarily?

Answer 2

The two situations are: by established companies wanting to carry out an extensive project or plan, and by founders who need support for their planned start-up.

Question 3

What are the “7 Cs” that can be used to check whether the design of a business plan has been successful?

Answer 3

The “7 Cs” are: clear, crisp, concise, consistent, coherent, credible, and convincing.

Question 4

What is the main difference in content between business plans written in established companies and those of start-ups?

Answer 4

The main difference is that the market position described for start-ups is a planned one (for the future) with a high degree of uncertainty, while established companies can assume their current situation

Question 5

What is the central objective of the business plan?

Answer 5

The central objective is to obtain support for a project

Question 6

What are some of the various pursuits that a business plan can support?

Answer 6

The various pursuits that a business plan can support include: a start-up project, procurement of equity capital or capital for external financing, support for a board decision, for a joint venture partner, for the sale of the company, for expansion into new markets, the introduction of new products, and for IPOs.

Question 7

From the founders’ point of view, what is the purpose of preparing a business plan?

Answer 7

The purpose of preparing a business plan for founders is: to sort out their thoughts, present research and considerations in a structured way, see if their business idea can be implemented and financed, identify weak points and know-how deficits, recognize “blind spots” in their considerations, and establish a guiding framework for business operations

Question 8

What is the decisive document based on which an investor or supporter makes their decision for or against a project?

Answer 8

The decisive document is the business plan

Question 9

In established companies, what is the purpose of a business plan?

Answer 9

In established companies, the business plan serves to provide the upper hierarchical levels with a basis for decision-making on a planned project and to provide external business partners with an equal basis for decision-making in various forms of cooperation

Question 10

Besides its primary goals, what additional benefits can participating in business plan competitions bring to start-ups?

Answer 10

The additional benefits include: drawing attention to the start-up project, building a network, receiving constructive feedback on the business plan, and potentially winning prizes or non-cash prizes

Question 11

What are the general requirements for the language and layout of a business plan?

Answer 11

The general requirements are: reader-friendly writing, appealing layout, simple explanations of technical terms, a graphic implementation schedule, objective language

Question 12

In terms of content, what four aspects are important to ensure in a business plan?

Answer 12

The four aspects are: traceability, consistency, objective foundation, and completeness

Question 13

What are the characteristics of a well-structured and systematic business plan presentation?

Answer 13

The presentation should be: short, concise, structured, systematic, with a clear objective and explanations geared towards the selected readers

Question 14

How can the credibility of a business plan be improved?

Answer 14

The credibility can be improved by ensuring: consistency between text and figures, realistic and justified assumptions, rigorous documentation, substantiation of important statements with expert opinions, proof of entrepreneurial qualifications, comprehensible and convincing presentation

Question 15

What is the typical size of a business plan for start-up projects and for projects in large companies?

Answer 15

The typical size is:Start-up projects: 30-40 pages, smaller projects: 10-15 pages, Large companies: up to several hundred pages

Question 16

What should be the focus of a business plan if the target readership is potential equity investors?

Answer 16

The focus should be on: detailed information on the expected return on investment, opportunities for value enhancement, investment and financial policy, and management qualities

Question 17

What should be emphasized in a business plan aimed at potential lenders?

Answer 17

The emphasis should be on: securing repayment of and interest on the loans through existing risk hedges, balance sheet collateral, a comprehensible development of the cash flow, and the form and extent of the founders’ commitment

Question 18

How should a business plan be designed if it primarily serves as an instrument of corporate management?

Answer 18

It should be designed as a framework for operational decisions, including periodic budgets, target/actual comparisons, and forecast calculations

Question 19

Who should ideally be involved in the preparation of a business plan?

Answer 19

It should involve the boss and top performers

Question 20

What are some of the most common mistakes in business plans?

Answer 20

The most common mistakes include: lack of focus on needs and customers, lack of receiver orientation, incompleteness and contradiction, a mixture of hope and reality, the non-observance of risks, misjudgments of time and money, general phrases