Business Plan Flashcards
Is the main purpose of creating a business plan to help obtain financial support for the new business?
No. A good business plan acts as a dynamic blueprint for running and expanding your business or disposing of your business.
What should the Executive Summary of a business plan include?
Describe your business idea clearly. What do you sell or what service do you provide?
Describe what type of business you will run. Service, retail, or manufacturing.
Describe you qualifications. Describe why you are qualified to run this company. Highlight any experience you have working in this business area.
Competitive Advantage. List 2 or 3 reasons why customers will purchase your product or service over that of your competitor.
Should a business plan include Cash Flow Projections?
Yes. Gives the business something to measure themselves by to see if they are doing as well as they thought they would or not.
What section of the business plan does the legal structure appear?
Management
You are preparing a comprehensive business plan for your venture. What types of evidence can you provide that shows a strong and effective entrepreneurial team?
- Individual team members have worked together at a previous business
- Individual team members have association or state or national certifications within the industry.
- Team members have worked together on non-profit or profit making boards.
- Team members were competitors within the industry.
