Business Plan

Question 1

What is a business plan

Answer 1

A business plan is a written statement that describes and analyzes your business and gives detailed projections about its future.

Question 2

Why write a business plan??

Answer 2

Key tools for funding
– Lenders and investors require it
– It shows where your revenue will come from and what kind of
expenditure you will have

Helps you decide to proceed or stop a venture
Improves your odds of success
Helps you keep on track
Helps you improve your business concept

Question 3

What is an elevator pitch

Answer 3

An elevator pitch is a brief, persuasive speech that you use to
spark interest in what your organization does.

A good elevator pitch should last no longer than a short elevator
ride of 20 to 30 seconds, hence the name.

Question 4

What is an exective summary

Answer 4

Should include a concise presentation of those
aspects of your business that are critical to a
potential investor or lender.

Appears first in the final plan, but should only be written after you have completed all other section of the business plan

Question 5

What is a business model

Answer 5

A business
model describes
the rationale of
how an
organisation
creates, delivers
and captures
value

Question 6

What are feautres in a business model

Answer 6

KP| KA | KR
Key partners
Key activities
Key resources

Value Proposition

CR | CS | CH
Customer relationship
Customer segemnts
Channels

Cost structure
Revenue Streams

Question 7

What is the full meaning of PESTEL and SWOT

Answer 7

P.E.S.T.E.L : Pollitical, Economic, Social, Techonology, Environment and Legal

S.W.O.T : Stregnths, Weakness, Opportunities and Threats

Question 8

What is income statement

Answer 8

The income statement subtracts all the cost incurred to operate your enterprise from the amounts received from selling goods and services. The result is a net income or a net loss for the year.

Question 9

What is cash flow statement

Answer 9

The Cash Flow Statement will show the amount of cash you have available at any given time during
your business plan.

Question 10

How many sections is the balance sheet divided into

Answer 10

They are divided into 2: assets and liabilities including shareholders’ equity

The two sections must always be in balance

Question 11

Example of current assets

Answer 11

cash
accessible resources
short term investements
account recievable

Question 12

example of fixed assets

Answer 12

land
equipments
buildings

Question 13

example of long term investments

Answer 13

copyrights, patents, stocks

Question 14

examples of current liabilities

Answer 14

payable within one year

Question 15

examples of long term liabilities

Answer 15

mortages,
contract obligations

Question 16

What is ROI

Answer 16

Net income divded by investement capital

Question 17

What is payback period

Answer 17

Time period to recover the investment capital. This can be
computed by dividing the cash flow over a period by the investment capital

Question 18

What is Corporte Affairs Commission(CAC)

Answer 18

Corporate Affairs Commision was established by CAMA and is the governmental agency with responsibility of incorporating businesses in Nigeria

Question 19

What is the structure of business in nigeria

Answer 19

Business names
Partnerships
Companies
Incorporated trustees

Question 20

What are some formation of businesses

Answer 20

• Sole proprietorships
• Private Company
• Public Limited Company
• Limited libability partnerships
• Incorporated Trustees

Question 21

What is CAMA and CAC

Answer 21

CAMA stands for Company and Allied Matters Act

CAC stands for Corporate Affairs Commision

Question 22

What are some legal requirements

Answer 22

1. Company and Allied Matters Act
2. Partnership Laws
3. Laws on intellectual property
4. Laws on Taxation

Question 23

Mention some regulatory bodies

Answer 23

• National Agency for Food and Drug Administration and Control
  (NAFDAC)
• Central Bank of Nigeria (CBN)
• Department of Petroleum Resources (DPR)
  -Security and Exchange Commission (SEC)

Question 24

Mention Dispute Resolution

Answer 24

Negotiation
* Mediation
* Arbitration
* Litigation

Question 25

What is intellectual property

Answer 25

According to the Legal Dictionary, IP is an intangible right protecting the products of human intelligence and creation.
In other words it is the fruit of mental labour

Question 26

Types of IP managment and laws

Answer 26

Patents
Designs
Copyright
Trademarks

Question 27

What is a patent

Answer 27

A patent is granted by the fedral governement and provides the power to exclude others making, using or selling an invention without permission.

Question 28

What is copyrights

Answer 28

Copyright is the right to exclude others from substantial copying of the material form of such works

Question 29

What is a trade mark

Answer 29

A trademark can be any word, phrase, symbol, design, or a combination of these things that identifies your goods or services.

Question 30

What is IP management

Answer 30

This is the process of managing IP content for the inventor, owner so they can achieve maximum value such as commercial advantage.

Question 31

Mention of objectives of IP managment

Answer 31

Societial progress
Cultural Heritage Protection
Human rights protection
Full social value and exclusive rights to creator except consent is granted

Question 32

Sources of IP infringment in Nigeria.

Answer 32

Counterfeit Goods
Illegal rebroadcasting
Piracty of music, movies for trade
Use of image without consent from creator

Question 33

Challenges with IP managment in Nigeria.

Answer 33

Lack of resource allocation
Little public awareness
Lack of support by distributors
Lack of adequate skills by examiners of IP

Question 34

Opportunities for IP managment

Answer 34

University education on IP
Open education of IP to citizens
Full government cooperation on the coordination
and enforcement of IP laws