Chapter 10 a)

Question 1

Planning

Answer 1

Process of envisioning future for a business, what one plans to do and how one plans to do it

Question 2

Planning helps you see your idea, crystallize thoughts, organize actions and think in a……

Answer 2

structured way/ framework to breakdown steps in to actionable processes

Question 3

Planning vs Plan

Answer 3

Planning pushes you to move forward and take action, a plan keeps your actions organized

Question 4

Planning Starts with a…….?

Answer 4

Vision

Question 5

Vision

Answer 5

Goal for what a business will be in the future

Question 6

Vivid Vision

Answer 6

ask entrepreneur to imagine what business could be three years into the future

Question 7

Dr Emmet Thompson
- what did business did he start?
- what did he say about term planning?
- what pays off overtime x2 ?
- if you____to plan, you are ______ to ___

Answer 7

AFC Management – corporate fitness management, real estate, book production
Need to plan for long-term, not just short-term gains
Gratification and patience pay off overtime
If you fail to plan, you are planning to fail

Question 8

5 Plan Objectives:

Answer 8

develop vision, gain clarity, answer important questions, estimate timelines, and set goals

Question 9

Plan Process 6

Answer 9

Idea Generation, Business Model Canvas, Business Brief, Feasibility Study, Pitch Deck, Business Plan

Question 10

Idea Generation

Answer 10

Chapter 4 – Design Thinking – Ideation

Question 11

Business Model Canvas
with 4 parts

Answer 11

visualize plan and how various parts work together: value created for customers, processes to deliver value, resources required and how to make money.

Question 12

Business Brief
what is it? Outline 4 components
How is it different that business canvas
How does it describe business

Answer 12

• Brief Document (2-3 pages) outlining the company overview, value proposition, customers and milestones.
• Less visual, outline most important information to deliver
• Describe business in concise way, something in writing for someone interest in business

Question 13

Components of a business Brief: Company Overview

Answer 13

Description of Business idea and company summary

Question 14

Components of a business Brief: Value Proposition

Answer 14

highlights problems being solved or need being met

Question 15

Components of a business Brief: Market

Answer 15

market size, target market, projections

Question 16

Components of a business Brief: Customers

Answer 16

profile and target customers, end user distributor, retailer

Question 17

Components of a business Brief: Actions Taken

Answer 17

signals entrepreneur is taking action, future plans and decision

Question 18

Components of a business Brief: Description of the team

Answer 18

connections, contact, personable, backgrounds

Question 19

Components of a business Brief: Financial Projections

Answer 19

Business can see profitability, solvency and liquidity of company, are they financially stable, profitable?

Question 20

Components of a business Brief: Future Milestones

Answer 20

Goals of the organization, initiative, future aspects

Question 21

Components of a business Brief x8

Answer 21

Company Overview, Value Proposition, Market, Customers, Actions Taken, Team Description , Financial Projections, Future Milestones

Question 22

Feasibility Study:
- what is it?
- what is the format and 2 main ideas

Answer 22

• Planning tool that test possibilities of an initial idea to see if it is worth pursuing or has marketing potential
• Written document (no more than 10 pages) testing the possibilities of an initial idea, whether it is workable and profitable

Question 23

Feasibility Study: Resources for Workable x4

Answer 23

Skills, time, suppliers, and distributors

Question 24

Feasibility Study: Resources for Profitable x2

Answer 24

Financial Capital and Size of Market

Question 25

Feasibility Study: Go No Go

Answer 25

Decision must be made to continue business idea or stop and abandon idea

Question 26

Key Questions in Feasibility Analysis (5)

Answer 26

-Does idea fulfill a need or solve a big problem
-Is there both short- and long-term market potential
- Who are the customers and what are they willing to pay
- Does the opportunity provide competitive uniqueness
- Is business model feasible (can it be done) and viable (is it sustainable)

Question 27

Pitch Deck

Answer 27

highlight elements found in feasibility study and business plan. Describes product and obtain interest and audience engagement

Question 28

Pitch Deck Format and what it is used for

Answer 28

replace formal business plan, no strict rules for the length or style of the pitch deck, visuals and graphs

used for: launch plan, potential investors, competitions

Question 29

Business Plan: How formal, and required for?

Answer 29

Most formal of planning tools to get funding from investors and bankers

Question 30

Business Plan: Format and discusses 6 items

Answer 30

20-40 pages with appendix and discusses business concept, product mix, marketing plan, operations plan, development plan and financial forecast

Question 31

Business Plan 4 Parts

Answer 31

Business Concept, Market Section, Design, Financial Projections

Question 32

Business Plan: Business Concept

Answer 32

discuss industry, business structure, products and services, and how plan to make business a success

Question 33

Business Plan: Market Section

Answer 33

potential customers, competitors in market

Question 34

Business Plan: Design/implement

Answer 34

design/implement the plan, operations and cash flow management

Question 35

Business Plan: Financial Projections

Answer 35

income statement, cash flow, balance sheet, financial projections