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S1212 1st Quarter > ENT104 Lesson 2 > Flashcards

ENT104 Lesson 2 Flashcards

1
Q

What is a Business Plan?

A
  • A detailed and integrated written document
  • Applicable to small businesses
  • Serves as a roadmap of the new business
  • Must be prepared before opening a business or expanding an existing business
  • Provides a clear direction to any uncertain business endeavor
  • It is a central and detailed statement of what your business is going to do
  • The potential investor will require this in order to be introduced to the prospects of your business
  • It identifies your goals and serves as your enterprise resume
  • It helps you allocate resources properly, handle unforeseen complications, and make the right decisions
  • Describes the various activities involved in opening and operating a new entrepreneurial venture
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2
Q

A business plan has three primary purposes:

A
  1. To serve as an action plan
  2. To serve as a road map
  3. To serve as a sales tool
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3
Q

This will help an entrepreneur pull apart the pieces of starting a business and examine each piece by itself.

A

To serve as an action plan

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4
Q

It is an invaluable tool to help entrepreneur on track of its goals.

A

To serve as a road map

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5
Q

A business plan serves as a tool in attracting investors.

A

To serve as a sales tool

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6
Q

7 items

Contents of Chapter 1: Introduction

A
  1. Proposed Name of Business
  2. Logo of the Business
  3. Name of the Owner/s
  4. Description of Business Product/Service
  5. Address and Location of the Business
  6. Vision
  7. Mission
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6
Q

6 items

Characteristics of a Good Business Plan:

A
  1. Short and simple
  2. Interesting
  3. Easy to understand
  4. No typing errors
  5. Printed and Bound
  6. Use spreadsheets and graphs
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7
Q

7 items

Contents of Chapter 1: Introduction

A
  1. Proposed Name of Business
  2. Logo of the Business
  3. Name of the Owner/s
  4. Description of the Business Product/Service
  5. Address and Location of the Business
  6. Vision
  7. Mission
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8
Q

reflect the business identity and image

A

Proposed Name of Business

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9
Q

promote the philosophical values and culture that the business values the most

A

Proposed Name of Business

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10
Q

profess the brand identity of the product

A

Proposed Name of Business

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11
Q

Attract or influence the target consumers

A

Proposed Name of Business

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12
Q

A symbol of your company’s identity

A

Logo of the Business

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13
Q

Creates your customers’ first impression of your company

A

Logo of the Business

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14
Q

Convey a message with no words or explanation required

A

Logo of the Business

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15
Q

3 items

Types of Logos

A
  1. Font-based Logos
  2. Literal Illustrations
  3. Abstract Symbols
16
Q

consist of just the company name in a carefully chosen font that makes it stand out.

A

Font-based Logos

17
Q

such as loaf of bread alongside the name of a bakery, simply send a message about what the company does.

A

Literal Illustrations

18
Q

such as Nike’s swoosh, are immediately identified with the company’s brand and image that promotes an athletic way of life.

A

Abstract Symbols

19
Q

The name of the owner/s must be properly stated.

A

Name of the Owner/s

20
Q

Formal or semi-formal photo/s of the owner/s

A

Name of the Owner/s

21
Q

Basic information of the owner/s

A

Name of the Owner/s

22
Q

3 items

Forms of Business Organizations

A
  1. Sole Proprietorship
  2. Partnership
  3. Corporation
23
Q

These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. It owns all the assets of the business and the profits generated by it.

A

Sole Proprietorship

24
Q

Two or more people share ownership of a single business.

A

Partnership

25
Q

The partners should have a legal agreement that sets forth how the decisions will be made, profits will be shared, disputes will be resolved, how future partners will be admitted to the partnership, how partners can be bought out, or what steps will be taken to dissolve the partnership when needed.

A

Partnership

26
Q

is considered by law to be a unique entity, separate and apart from those who own it.

A

Corporation

27
Q

The owners are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. The corporation has a life of its own and does not dissolve when ownership changes.

A

Corporation

28
Q

What are the owners of a corporation called?

A

Shareholders

29
Q

Information about the type of product or service that the business intends to produce or provide

A

Description of Business Product/Service

30
Q

the exact business address

A

Address of the Business

31
Q

the reason/s for the selection of the location

A

Location of the Business

32
Q

7 items

Factors to consider when deciding on the location of the proposed business:

A
  1. Location of the proposed business:
  2. Proximity to the target consumers
  3. Distance from the sources of raw materials, labor, and utilities
  4. Availability and cost of transportation
  5. Peace and order situation
  6. Presence of direct competitors
  7. The geographic and climatic conditions
33
Q

Is what your company aspires to be

A

Vision

34
Q

Is what you want to be doing tomorrow and, in the future

A

Vision

35
Q

When done right, it can and should drive decisions and goals in your company

A

Vision statement

36
Q

Is what your company actually does

A

Mission

37
Q

Keep it short and sweet, and easy to memorize

A

Mission

38
Q

Specific enough that people understand what you do and how you differ from your competitors

A

Mission

S1212 1st Quarter (18 decks)

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