Business Planning Flashcards
1
Q
What is a business plan ?
A
A simple plan which sets out details on a product or service being sold, where the finance is to come from to start a business, how it’s marketed.
2
Q
How does a business plan reduce risk ?
A
The plan identifies competitors and how you can gain an advantage over them
3
Q
How does a business plan help a business exceed ?
A
A business plan requires an entrepreneur to carefully think though every aspect of the business. The greater the care and thought the greater the chance of success .
4
Q
Key parts of a business plan ?
A
- business idea
- the owners
- market research findings
- finance and where the money will come from
- objectives
- target market
- competitors
5
Q
How can a business measure success ?
A
By profit, survival, customers
