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ENTREP MIDTERMS > Business Plan: Parts (1,2,3) and Importance > Flashcards

Business Plan: Parts (1,2,3) and Importance Flashcards

1
Q

What is a Business Plan for?

A

Entrepreneurs who plan to enter any business endeavor would need a business plan on hand to guide them throughout the process.

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2
Q

Processes that are included in the business plan:

A

a. Planning how to convey the capabilities and competencies of their owners and managers.
b. Working out to convince prospective business investors about the soundness and potential of their proposed business.
c. Outlining how entrepreneurs are able to ‘sell’ the proponent and the business proposition to this audience.

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3
Q

The first master of a business plan.

A

First, it serves the entrepreneur who must set a navigational course.

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4
Q

The third master of a business plan.

A

Third, it serves the managers and staff of the organization so that they will know the strategies and programs of the enterprise.

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4
Q

The second master of a business plan.

A

Second, it serves investors and cautious financiers.

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5
Q

First five parts of a Business Plan.

A
  1. Introduction
  2. Executive Summary
  3. The Business Proponents
  4. The Target Customers and the Main Value Proposition to the Customer.
  5. Market Justification
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6
Q

Last five parts of a Business Plan.

A
  1. The Product and Service Offering
  2. The Enterprise Strategy and Enterprise Delivery Systems: Business Competitiveness
  3. The Financial Forecasts and Expected Returns, Risks, and Contingencies
  4. Environmental and Regulatory Compliance
  5. The Capital Structure and Financial Offering: Returns and Benefits to Investors, Financiers, and Business Partners.
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7
Q

The introduction of a Business Plan includes:

A

a. the Business Concept
b. the Business Goal
c. the Business Offering and Justification

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8
Q

The Business Goal includes the:

A

a. Mission
b. Vision
c. Goal
d. Objectives
e. Performance Target

or VMOKRAPI

Vision
Mission
Objective
Key Result Areas
Performance Indicator

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9
Q

An idealized state that the enterprise wants to achieve at a specified future time.

A

Vision

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10
Q

A vision should be _____.

A

Compelling

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11
Q

The purpose for being of the enterprise. It tells how the business conducts business; its values and philosophies and how it distinguishes itself from other businesses. It details how it satisfies various stakeholders, profit, people, and placement and ever how it
utilizes technology. It is the cornerstone for running the business.

A

Mission

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12
Q

measurable and result expected. Usually, it revolves around the customers, the market, and the financial outcomes desired.

A

Goal

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13
Q

The goal revolves around these three outcomes:

A

a. Customer Outcome
b. Market Outcome
c. Financial Outcome

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14
Q

As a business is defined as an entity that creates customers and
value for the customers, customer delight and satisfaction is at the top of the list of
business objectives.
Example: saving time, increasing revenue, decreasing support tickets, reducing technology debt, and improving team performance.

A

Customer Outcome

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15
Q

Customer satisfaction results in trial, repeat sales, and more sales.

A

Market Outcome

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16
Q

More or less sales results in cash flow, gross profit, net income,
turn over, ROI, and ROE.

A

Financial Outcome

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17
Q

ROI -

A

Return on Investment

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18
Q

ROE

A

Return on Equity

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19
Q

the profit a business makes after subtracting all the costs that are related to manufacturing and selling its products or services.

A

Gross Profit

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20
Q

sales minus cost of goods sold, general expenses, taxes, and interest.

A

Net Income

21
Q

________ is ________ minus all other expenses and costs and other income and revenue sources that are not included in gross income.

A

Net income, gross profit

22
Q

Objectives must be:

A

SMART

23
Q

SMART means:

A

Specific
Measurable
Attainable
Relevant
Time-bound

24
Q

____ can be quantitative or qualitative.

A

Performance Target

25
Q

are qualitative manifestations that the objective is being realized. They are subdivisions of performance metrics for various objectives. (How the objectives vs. performance will be monitored and measured.)

A

Key Result Area

26
Q

provide the numerical or quantitative measure for each and every key result area. They are actual metric numbers.

A

Key Performance Indicator

27
Q

Contains everything that is relevant and important to the business audience such as investors and stakeholders. It is a synthesis of the entire business.

A

Executive Summary

28
Q

Contains the major argumentations of the business proponent on why the business will work and succeed in detailed way.

A

Executive Summary

29
Q

Since the goal of a business plan is to persuade the reader to invest in your business, the executive summary needs to demonstrate why this investment would be a smart financial decision.

A

Executive Summary

30
Q

An Executive Summary must be ___ page.

A

One/1

31
Q

It is wise to write the Exec Summ ___.

A

last

32
Q

Should discuss and justify the:

A
  1. The Enterprise Strategy
  2. Enterprise Delivery System
33
Q

What to include in the Executive Summary:

A
  1. Business proponents and their Partners.
  2. The enterprise organization & its capabilities.
  3. The technology providers & their expertise & experience;
  4. The suppliers & all the major service providers.
34
Q

8 Parts of an Executive Summary

A
  1. Business Opportunity
  2. Target Market
  3. Business Model
  4. Marketing/Sales Strategy
  5. Competition
  6. Financial Analysis
  7. Owners/Staff
  8. Implementation Plan
35
Q

What demand or need is there for your business and how will you meet this demand? (Part of Exec Summ)

A

Business Opportunity

36
Q

What demographic do you intend to reach as your customer base? (Part of Exec Summ)

A

Target Market

37
Q

What products or services will your business offer and what makes them desirable to consumers? (Part of Exec Summ)

A

Business Model

38
Q

What will your methods be to create brand recognition for these products or services? (Part of Exec Summ)

A

Marketing/Sales Strategy

39
Q

What businesses will you compete with for market share, and what do you offer that your competitors do not? (Part of Exec Summ)

A

Competition

40
Q

What is your plan to manage finances and what is your projected revenue in the first three years? (Part of Exec Summ)

A

Financial Analysis

41
Q

Who are the owners and lead staff members and what important skills or credentials do they bring? (Part of Exec Summ)

A

Owners/Staff

42
Q

What is your framework and timeline to move from a concept to launching an actual business? (Part of Exec Summ)

A

Implementation Plan

43
Q

Second Part of a Business Plan

A

Executive Summary

44
Q

Third Part of a Business Plan

A

Business Proponents

45
Q

Organizers with their Capabilities and Specific Contributions

A

Business Proponents

46
Q

The Business Proponents CONTAINS information about the business proponents or stakeholders.

A

True

47
Q

Four types of stakeholders:

A
  1. Resource Mobilizers and Financial Backers (Resource Provider)
  2. Technology Providers and Applicators (Technology Provider)
  3. Governance and Top Management
  4. Operating and Support Team (Implementing, Operating, and Support Teams)
48
Q

would want to know who else is on board to share the burden of raising money to see the whole thing through.

A

Resource Mobilizers and Financial Backers (Resource Provider)

49
Q

would want to know if there would be sufficient funds to pay for the technology.

A

Technology Providers and Applicators (Technology Provider)

50
Q

would want to know what strategies and performance indicators are being proposed.

A

Governance and Top Management

51
Q

would want to know what programs, activities, tasks, and resources would be in place.

A

Operating and Support Team (Implementing, Operating, and Support Teams)

ENTREP MIDTERMS (6 decks)

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