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Entrepreneurship > Business Plan > Flashcards

Business Plan Flashcards

1
Q

is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture

A

business plan

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2
Q

for a ______, it is important to address both long-term as well as short term strategies for the first 3 years.

A

for a start up, it is important to address both __________ as well as ________ ________ for the first 3 years.

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3
Q

for a startup, it is important to address both long-term and short-term strategies for the first ____________

A

3 years

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4
Q

the business plan is sometimes referred to as as

A

game plan or road map

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5
Q

questions that the business plan answers

A
  • where am i now?
  • where am i going?
  • how will i get there?
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6
Q

these are people that require or request a business plan

A

potential investors, suppliers, customers

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7
Q

the business plan should be prepared by

A

the entrepreneur

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8
Q

they are useful in the preparation of the business plan

A

lawyers, accountants, marketing consultants, engineers

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9
Q

some of the needed resources can be found through services offered by:

A
  • small business administration (sba)
  • senior corps of retired executives (score)
  • small business development centers (sbdcs)
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10
Q

the ________ also provides a wealth of information as well as actual sample templates or outlines for business planning

A

internet

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11
Q

before committing time and energy to preparing a business plan, the entrepreneur should do a ________________ to see whether there are any possible barriers to success

A

quick feasibility study of the business concept

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12
Q

the information, obtainable from many sources, should focus on

A

marketing, finance, and production

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13
Q

before beginning toe feasibility study, the entrepreneur should ________________

A

clearly define the goals and objectives of the venture

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14
Q

name the parts of the upside-down pyramid approach to gathering market information

A
  • general environmental and demographic trends
  • national food industry trends
  • local environmental and demographic trends
  • local food industry trends
  • local competition strengths and weaknesses
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15
Q

2 types of a business plan

A

short plan, comprehensive plan

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16
Q

other name for short term plan

A

abbreviated business plan

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17
Q

presents only the most important issues and projection for the business

A

short plan

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18
Q

for short plans, it is typically in the form of _______________________

A

ppt presentations not more than 30 minutes

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19
Q

provides an in-depth analysis of the factors that will determine the firm’s success or failure, along with the underlying assumptions

A

comprehensive plan

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20
Q

the first page a banker or investor sees. it should be structured neatly and appealing to your intended audience

A

cover page

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21
Q

content of the cover page

A
  • company name, address, phone number, fax number, website
  • tagline and company logo
  • name of contact person with info
  • date on which the business plan was prepared
  • confidential and proprietary statement
  • disclaimer
    -number of the copy
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22
Q

statement that denies something specially responsibility, it delinits the scope of rights

A

disclaimer

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23
Q

to help keep tract of how many have been given out

A

number of the copy

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24
Q

a sequential listing of the sections of plan, with page numbers; allows the reader to spot-read the plan rather than reading it from front to back

A

table of contents

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25
Q

a brief explanation of the key points in a business plan; its purpose is to give the reader a convincing reason to read the full plan

A

executive summary

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26
Q

the executive summary should not be more than __ pages

A

2

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27
Q

the executive summary should include the _______________

A

most importsnt information from each section of the plan

28
Q

content of the executive summary

A
  • description of proposed business and business model
  • description of the msrket opportunity to capture or market problem the business solves
  • reasons for why this is an attractive business opportunity
  • key distinctions or differentiatiors of the business versus competitors
  • overview of the sales, marketing, and operation strategy and plan
  • description of the execution plan and timeline
  • overview of projected financials containing revenues, costs, profits, and assumptions
29
Q

a company’s plan for how it will generate revenues and make profit

A

business model

30
Q

a situation in which a company can meet an unsatisfied customer’s need before its competitors

A

market opportunity

31
Q

contains the essence of the enterprise; an idea for a business

A

business concept

32
Q

contains the essence of the product; an idea for a product

A

product concept

33
Q

the future and kong term prospects of the enterprise

A

business goals

34
Q

a measurable value that demonstrates how effectively a company is achieving key business objectives

A

performance indicators

35
Q

management and organiztion content

A
  • company name, logo, address
  • vision and mission statements
  • key personnel
  • workforce and support personnel
  • organizational chart
  • ownership, capitalizations, compensation, and incentices
  • external management support
36
Q

what your company wants to do; expresses the soecific aspirations of a company, the major goal for which it will strive

A

mission

37
Q

what your company wants to beckme; establishes the scope and purpose of a company and reflects its value and beliefs

A

vision

38
Q

how your products/services will be delivered to customers

A

distribution and logistics

39
Q

details of a company’s ownership

A

ownership (structure)

40
Q

details the source of your company’s initial funding

A

capitalization

41
Q

external companies or organization that support the company’s management

A

external management support

42
Q

provides the purpose of the product/service

A

product/service plan

43
Q

the distinguishing characteristics of a product or service that helps boost is appeal to potential buyers

A

product’s unique features

44
Q

supplies nees to operate the business

A

material requirements

45
Q

details of where the materials will be bought

A

sources of supply

46
Q

step by step details of how the product will be made

A

process

47
Q

step by step details of how the business will opeerate and controlled in times of problems

A

production/service process ande controls

48
Q

details of how to get your products to your customers

A

distribution and logistics

49
Q

set of rules that the business should abide in their specific industries

A

regulations

50
Q

perceived regulatory concerns in relation to the operation of the business

A

compliance issues

51
Q

discusses how a company makes its customer aware of its products and services

A

market plan

52
Q

an assessment, which allows you to determine how suitable a particular market is for your industry

A

market analysis

53
Q

the customer’s need or desire to own the product or experience the service

A

demand

54
Q

a stock of a resource from which a person or place can be provided with the necessary amount of that resource

A

supplysupply

55
Q

someone or something that is trying to best or do better than others in selling of goods or services

A

competitors

56
Q

the action or business of promoting and selling products o services, including market research and advertising

A

marketing

57
Q

a plan by a business or individual on how to go about selling products and services and increasing profits

A

sales strategies

58
Q

attributes that can be added to the product definition to extend the description of each product

A

product/services characteristics or features

59
Q

examples of product/services characteristics or features

A

size, color, quality, shape, or weight

60
Q

the wholesale and retail prices for its products or services

A

pricing policy (strategy)

61
Q

the amount of revenue a company expects to earn at some point in the future

A

slaes projection

62
Q

presents forecast for the future of the business; it explains the assumptions made when forecast figures were calculated

A

financial plan

63
Q

non-recurring costs associated with setting up a business, such as accountant’s fees, legal fees, registration charges, as well as advertising, proportional activities, and emoloyee training

A

startup cost requirements

64
Q

a forecast of future revenues and expenses

A

financial projections

65
Q

used to determine the number of units the business needs to sell in order to avoid losses

A

breakeven analysis

66
Q

annestimate of income and expenditure for a set period of time

A

budget

67
Q

various supplementary materials and attachments to expand the reader’s understanding of the plan

A

appendix of supporting documents

Entrepreneurship (4 decks)

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