LESSON 3-4

Question 1

written document
that outline the future
activity for an existing or
proposed business
venture.

Answer 1

BUSINESS PLAN

Question 2

is the formal written
expression of the
entrepreneurial vision,
describing the strategy
and operations of the
proposed venture.

Answer 2

BUSINESS PLAN

Question 3

document that brings
together the key elements
of a business that include
details about the products
and services, the cost,
sales and expected profits.

Answer 3

BUSINESS PLAN

Question 4

serves as the blueprint
of the business.

Answer 4

BUSINESS PLAN

Question 5

Parts of a
Business Plan

Answer 5

-Executive Summary
-Management and Organization
-Product and Service Plan
-Market Plan

Question 6

provides an overview of your
business plan, emphasizing key elements and arguments
that illustrate the business’s potential for success and
relevance to the audience.

Answer 6

Executive Summary

Question 7

An executive summary should include:

Answer 7

-Description of the proposed business: The company’s
mission statement and/or vision statement and
Overview (Information about the company’s owners)
-Description of the market opportunity to capture: An
outline of your business model (problem and solution)
and the target market
-Reasons why your business is an attractive one: The
competition and what sets you apart
-Key distinctions of the business: An implementation
plan for bringing the business into the real world and
your reader’s next action
-Overview of projected financials containing the initial
capital, expected profit, and expenses: The company’s
current financial status, goals, projections (over at
least three years) and needs and your sales strategies
and campaigns

Question 8

part of a business plan
focuses less on the business itself and more on the people
behind it. A business is only as good as the people making
decisions. It is sometimes called as “organizational
management” or “business management” that refers to
the activities involved in the four general functions:
planning, organizing, leading, and controlling.

Answer 8

Management and Organization

Question 9

Identifying goals, objectives,
methods, resources,
responsibilities, and timelines
to achieve tasks.

Answer 9

-PLANNING

Question 10

Arranging resources to
achieve goals in an optimal
way.

Answer 10

-ORGANIZING

Question 11

Setting direction and
influencing people to follow
that direction.

Answer 11

-LEADING

Question 12

Coordinating systems,
processes, and structures to
effectively and efficiently
reach objectives while
adjusting as needed.

Answer 12

-CONTROLLING

Question 13

Importance of a Business Name

Answer 13

-First Impression
-Brand Representation
-Unique Industry Position

Question 14

It is the first thing customers see and influences initial perceptions.

Answer 14

First Impression

Question 15

Reflects the essence of the
business and conveys key information about the
company, products, and values.

Answer 15

Brand Representation

Question 16

Establishes trust, authority,
and expertise, helping the brand stand out.

Answer 16

Unique Industry Position

Question 17

5 Steps to Naming Your Business

Answer 17

1.Brainstorm Names
2.List the Best Names
3.Follow Naming Rules
4.Check Availability
5.Register the Name

Question 18

Generate creative options.

Answer 18

Brainstorm Names

Question 19

Narrow down to the strongest
contenders.

Answer 19

List the Best Names

Question 20

Ensure compliance with business
structure requirements.

Answer 20

Follow Naming Rules

Question 21

Confirm the name isn’t already in use.

Answer 21

Check Availability

Question 22

Secure legal rights to use it.

Answer 22

Register the Name

Question 23

a graphic representation or symbol used
on company communications, marketing, and advertising
materials. It is often the first thing noticed and plays a
critical role in establishing brand identity.

Answer 23

business logo

Question 24

Functions of a Logo

Answer 24

-Inspire Trust
-Recognition
-Admiration

Question 25

Builds credibility.

Answer 25

Inspire Trust

Question 26

Makes the brand memorable.

Answer 26

Recognition

Question 27

Evokes positive feelings about the business.

Answer 27

Admiration

Question 28

Qualities of a Good Logo

Answer 28

-Simple
-Memorable
-Timeless
-Appropriate
-Versatile
-Reflects desired audience associations

Question 29

Types of Logos

Answer 29

-Textual
-Illustrated
-Symbolic
-Combination

Question 30

Uses recognizable words with unique fonts,
shapes, and sizes (e.g., Walt Disney).

Answer 30

Textual

Question 31

Includes an illustration as the main feature
(e.g., Pepsi’s circle logo).

Answer 31

Illustrated

Question 32

Abstract designs that work well internationally
(e.g., Nike’s swoosh).

Answer 32

Symbolic

Question 33

Mix of textual, illustrated, or symbolic
elements (e.g., FedEx with its arrow symbol).

Answer 33

Combination

Question 34

These components define the long-term goals and purpose
of an enterprise.

Answer 34

Vision, Mission, and Objectives of the Business

Question 35

-Describes the ideal future state of the business.
-Should be written clearly in 25 words or less.

Answer 35

Vision

Question 36

-Defines the purpose of the business.
-Focuses on what the business aims to achieve for customers,
employees, and owners, and the needs it will fulfill.

Answer 36

Mission

Question 37

-Specify measurable end results.
-Typically focus on customers, market goals, and desired
financial outcomes.

Answer 37

Objectives

Question 38

visually represents reporting
relationships and roles by title. It implies responsibilities
but doesn’t explicitly state them. These charts also
highlight scalability and can motivate employees. They
should be prominently displayed and easily readable.

Answer 38

organizational chart

Question 39

Two Basic Types of Organizational Chart

Answer 39

-Flat Organizational Structure
-Hierarchical Organizational Structure

Question 40

-Relies on self-management, with most employees
reporting directly to the owner.
-Encourages egalitarianism but may lead to informal
leadership and overwhelming responsibilities for the
owner.
-Common in small businesses.

Answer 40

Flat Organizational Structure

Question 41

-Establishes clear roles, job descriptions, and a reporting
hierarchy.
-Promotes accountability, role clarity, and a healthy culture of
compassion and mutual respect.
-Reduces workplace issues like duplication of effort and ego
clashes.
-Suitable for creating an organized and sustainable work
environment.

Answer 41

Hierarchical Organizational Structure

Question 42

Key Components of a Management Summary

Answer 42

1.Head of the Team
2. The Team
3. Business Structure
4. The Board
5. External Professionals

Question 43

-Profile of the person responsible for organizing and
leading the team.
-Includes credentials, background, and vision.

Answer 43

Head of the Team

Question 44

-Education: Relevant to each individual’s role.
-Work Experience: Past and current roles that align with company
objectives.
-Skills and Competencies: Specific to their position in the company.
-Achievements: Accomplishments made within the company.
-Personal Information: Age, residence, and motivations for joining
the team.

Answer 44

THE TEAM

Question 45

Description of the company’s legal structure (e.g., sole
proprietorship, LLC, corporation, partnership).
Explanation of the hierarchy and command flow.

Answer 45

Business Structure

Question 46

Profiles of board members (if applicable), including their roles
and reasons for selection.

Answer 46

The Board

Question 47

Overview of external experts or consultants
contributing to the company’s objectives.
Description of their roles and impact on the
organization.

Answer 47

External Professionals