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NURSING ESTREPRENEURSHIP > MODULE 5: BUSINESS PLANNING > Flashcards

MODULE 5: BUSINESS PLANNING Flashcards

1
Q

Is an important precursor to action in new ventures

A

Business Planning

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2
Q

Helps firm founders to make decisions, balance resource supply and demand, and to turn abstract goals into concrete operational steps

A

Business Planning

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3
Q

Who said?
Trying to predict the future is like trying to drive down a country road at night with no lights while
looking out the back window

A

Peter Drucker

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4
Q

Are developed for both internal and external purposes

A

Business Plan

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5
Q

Internal or External purpose of business plan?
Entrepreneurs develop business plans to help put the pieces of
their business together.

A

Internal

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6
Q

Internal or External purpose of business plan?
To raise capital

A

External

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7
Q

The most common
external purpose for a business plan is

A

To raise capital

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8
Q

Is the road map for the development of the business

A

Business Plan

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9
Q

Is often the main method of
describing a company to external audiences such as potential sources for financing and key personnel being recruited.

A

Business Plan

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10
Q

Provides the most complete source of information for valuation of the business

A

Business Plan

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11
Q

Notes that business plan writers must strive to communicate their
expectations about the nature of an uncertain future. However, the liabilities of newness make communicating the expected future of new ventures difficult (more so than for existing businesses)

A

Hindle and Mainprize (2006)

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12
Q

What are the five communication principles of business planning

A

EMOC-B

Expectations
Milestones
Opportunities
Context
Business Model

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13
Q

Translation of your vision of the venture and how it will perform into a format compatible with the expectations of the readers

A

Expectations

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14
Q

What communication principle?

Communicate that you have identified and understood the
key success factors and risks

A

Expectations

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15
Q

What communication principle?

Communicate that the projected market is large and you expect good market penetration

A

Expectations

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16
Q

What communication principle?

Communicate that you have a strategy for commercialization, profitability, and market domination

A

Expectations

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17
Q

What communication principle?

Communicate that you can establish and protect a proprietary and competitive position

A

Expectations

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18
Q

Anchoring key events in the plan with specific financial and quantitative values

A

Milestone

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19
Q

What communication principle?

Communicate that your major plan objectives are in the
form of financial targets

A

Milestone

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20
Q

What communication principle?

Communicate that you have addressed the dual need for
planning and flexibility

A

Milestone

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21
Q

What communication principle?

Communicate that you understand the hazards of
neglecting linkages between certain events

A

Milestone

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22
Q

What communication principle?

Communicate that you understand the importance of quantitative values (rather than just chronological dates)

A

Milestone

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23
Q

Nothing lasts forever—things can change to impact the opportunity: tastes, preferences, technological innovation, competitive landscape

A

Opportunities

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24
Q

What communication principle?

Communicate the new combination upon which venture is built

A

Opportunities

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25
Q

What communication principle?

Communicate magnitude of the opportunity or market size

A

Opportunities

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26
Q

What communication principle?

Communicate market growth trends

A

Opportunities

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27
Q

What communication principle?

Communicate venture’s value from the market (% of market share proposed or market share value in dollars)

A

Opportunities

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28
Q

What communication principle?

Communicate how the context will help or hinder the proposal

A

Context

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29
Q

What communication principle?

Communicate how the context may change & affect the business & the range of flexibility or response that is built into the venture

A

Context

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30
Q

What communication principle?

Communicate what management can or will do in the event the context turns unfavorable

A

Context

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31
Q

What communication principle?

Communicate what management can do to affect the context in a positive way

A

Context

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32
Q

What communication principle?

Communicate able to defend assertions that the venture is attractive and sustainable and has a competitive edge.

A

Business Model

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33
Q

What communication principle?

Communicate Who pays, how much, and how often?

A

Business Model

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34
Q

What communication principle?

Communicate The activities the company must perform to produce its product, deliver it to its customers and earn revenue

A

Business Model

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35
Q

What communication principle?

Communicate able to defend assertions that the venture is attractive and sustainable and has a competitive edge

A

Business Model

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36
Q

Brief and clear statement of how an idea actually becomes a business that creates value

A

Business Model

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37
Q

Outline five principles to help entrepreneurs project credibility

A

Hindle and Mainprize (2006)

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38
Q

Business Plan Credibility Principles

A

TESF-T

Team
Elaboration
Scenario Integration
Financial Link
The Deal

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39
Q

What Business Plan Credibility Principles

Without the right team, nothing else matters.

A

Team

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40
Q

What Business Plan Credibility Principles

Break down individual tasks into their sub-parts so each step maximizes the upside and minimizes the downside

A

Elaboration

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41
Q

What Business Plan Credibility Principles

Claiming an insuperable lead or a proprietary market position is naïve

A

Scenario Integration

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42
Q

Income and cash flow statements must be preceded by

A

Operational statement

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43
Q

helps the reader understand that the entrepreneur has thought everything through, and that the returns justify the risk.

A

Standard Format

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44
Q

Ensures that readers can easily go through it without it falling apart

A

Binding the document

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45
Q

has been extensively tested with entrepreneurship students and has proven to provide the guidance entrepreneurs need to develop a business plan appropriate for their needs

A

High-power business plan

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46
Q

High power business plan development stage

is a necessary first step to better understand the trends that will affect their business and the decisions they must make to lay the groundwork for, and to improve their potential for success

A

Essential Initial Research Stage

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47
Q

High power business plan development stage

Inherent in any business plan is a description of the business model chosen by the entrepreneur as the one that they feel will best ensure success.

A

Business Model stage

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48
Q

High power business plan development stage

involves taking the knowledge and ideas developed during the first two stages and organizing them into a business plan format.

A

Initial Business Plan Draft Stage

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49
Q

Writing all of the ________as part of the first draft ensures that all of these parts can be appropriately and necessarily integrated

A

HOM-F

Human resources
Operations
Marketing
Financial plans

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50
Q

True or False
The first draft of a business plan will almost never be realistic.

A

True

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51
Q

High power business plan development stage

This stage of work involves making the necessary adjustments to the plan to make it as realistic as possible

A

Making the Business Plan Realistic Stage

52
Q

High power business plan development stage

During this stage the entrepreneur will keep the business plan realistic as they adjust plans to appeal to potential investors and to themselves.

A

Making a Plan to Appeal to Stakeholders

53
Q

High power business plan development stage

The final stage involves putting all of the important finishing touches on the business plan so that it will present well to potential investors and others.

A

Finishing Stage

54
Q

High power business plan development stage

This involves making sure that the math and links between the written and financial parts are accurate. It also involves ensuring that all the needed corrections are made to the spelling, grammar, and formatting.

A

Finishing Stage

55
Q

General business plan format

Should be written and included as a final step.

A

Executive Summary

56
Q

General business plan format

Include nice, catchy, professional, appropriate graphics to make it appealing for targeted readers

A

Title page

57
Q

General business plan format

Can be longer than normal executive summaries, up to three pages

A

Executive Summary

58
Q

General business plan format

Write after remainder of plan is complete

A

Executive Summary

59
Q

General business plan format

Includes information relevant to targeted readers as this is the place where they are most likely to form their first impressions of the business idea and decide whether they wish to read the rest of the plan

A

Executive Summary

60
Q

General business plan format

Describes the business concept

A

Introduction

61
Q

General business plan format

Indicates the purpose of the plan

A

Introduction

62
Q

General business plan format

Appeals to targeted readers

A

Introduction

63
Q

General business plan format

May include description of history behind the idea and the evolution of the business concept if relevant

A

Business Idea

64
Q

General business plan format

Generally outlines what the owner intends for the venture to be

A

Vision

65
Q

General business plan format

Should be very brief—a few sentences or a short paragraph. Indicates what your organization does and why it exists—may describe the business strategy and philosophy

A

Mission

66
Q

General business plan format

Indicates the important values that will guide everything the business will do

A

Values

67
Q

General business plan format

Outlines the personal commitments members of the organization must make, and what they should consider to be important

A

Values

68
Q

General business plan format

Defines how people behave and interact with each other.

A

Values

69
Q

General business plan format

Describes the major organizational goal

A

Major goals

70
Q

Each goal of the plan should be

A

SMART

Specific
Measurable
Action-oriented
Realistic
Timely

RUMBA

Realistic
Understandable
Measurable
Believable
Achievable

71
Q

Key assumptions related to market size, penetration rates, and timing issues of market context outlined in the business plan should link directly to the

A

Financial statments

71
Q

General Business Plan Format

A

Title page
Executive summary
Table of content
List of tables
List of figures
Introduction
Business idea
Vision
Mision
Values
Major goals

72
Q

Two possible feedback loops in making the business plan realistic

A

1ST - Initial business plan draft stage
2ND - Business model stage

73
Q

Includes an analysis of how the current and expected trends in the political, economic, social, technological, environmental, and legal factors will impact the development of this business.

A

Trends Analysis

74
Q

Trends analysis uses what model?

A

PESTEL

75
Q

Includes an analysis of the industry in which this business will operate

A

Industry Analysis

75
Q

Industry Analysis commonly uses what model?

A

Five forces model (porter)

75
Q

Includes question such as What fixed assets, including equipment and
machinery, must be purchased so your venture can conduct its business?

A

Fixed Capital Requirements

75
Q

This section may include a start-up budget showing the machinery, equipment, furnishings, renovations, and other capital expenditures required prior to operations commencing.

A

Fixed Capital Requirements

76
Q

Fixed capital is usually financed using ________loans

A

Long term

76
Q

Can nicely lead into the Human Resources Plan

A

Organizational structure

76
Q

This section may include a start-up budget showing the cash required to purchase starting inventories, recruit employees, conduct market research, acquire licenses, hire lawyers, and other operating expenditures required prior to starting operations.

A

Working Capital Requirements

76
Q

is a process by which
management ensures that it has the right number and kinds of people at the right places, and at the
right times, who are capable of effectively and efficiently completing those tasks that will help the
organization achieve its overall objectives.

A

Human Resource Planning

77
Q

include questions such as What money is needed to operate the business (separately from the money needed to purchase fixed assets) including the money needed to purchase inventory and pay initial expenses?

A

Working Capital Requirements

77
Q

Risk management exposure

A

EFO

Enterprise
Financial
Operational

77
Q

Working capital is usually
financed with ________loans

A

Short term

77
Q

strategies for managing each of the risks identified in business

A

ARTA

Avoid
Reduce
Transfer
Assume

77
Q

May include information on Advisory Boards or Board of Directors from which the company will seek advice or guidance or direction

A

Organizational structure

78
Q

__________translates the organization’s objectives into terms of the workers needed to meet those objectives (Robbins, 1988)

A

Human Resource Planning

78
Q

Human resource planning, also known as

A

Manpower planning

78
Q

is a process of analyzing an
organization’s human resource needs under changing conditions and developing the activities
necessary to satisfy these needs. It is a dynamic management process of insuring that at all times, a company or its unit has in it employ the right
number of people, with the right skills and assigned to the right jobs where they can contribute most
effectively to the productivity and profitability of the company

A

Human Resource Planning

79
Q

______________ is concerned
with the efficient acquisition and maximum utilization of the company’s human resource in
order to enable the company to attain its goals and objectives. (Sison, 1991).

A

Human Resource Planning

80
Q

Pitch deck

Simple statement focused on the problem/ gap identified by the investor that is not being addressed currently by the market

A

Problem

80
Q

an informative presentation during a start- up that helps potential investors learn more about your business

A

Pitch deck

80
Q

Pitch deck is also known as

A

Start-up pitch deck or investero’s pitch deck

80
Q

section of your business
plan outlines your product or service, why it’s needed by your market, and how it will compete with other businesses selling the same or similar products and services.

A

Product

80
Q

Pitch deck

present a concise and clear identified solution

A

Solution

81
Q

Features the actual product or service

A

Product

81
Q

Pitch deck

a summary of what your business does, what problem it solves, and who your customers are going to be.

A

Opportunity

81
Q

provides an insight about the customers you serve, what value propositions are offered through what channels, and how your company makes money.

A

Business Model

81
Q

Pitch deck

describe how you will take advantage of the opportunities and challenges the environment provides.

A

Opportunity

81
Q

A planning tool that pinpoints the kinds of people essential to form the founding team, the resources
that are at hand and required the fine points of the idea and the possible market for the product or
service.

A

TRIM Framework

81
Q

an assessment on the viability and sustainability of a proposed project or system, taking into account
the legal, economic, technical, and scheduling concerns.

A

Feasibility Study

81
Q

a theoretical structure that supports the feasibility of a product or company

A

Business Model

81
Q

A visual chart with elements and nine building blocks describing a business or a product’s value proposition, infrastructure, customers, and finances

A

Business Model Canvas

81
Q

a shared language/ tool for describing, visualizing, assessing and changing business models that
describes the rationale of how an organization creates, delivers and captures value

A

Business Model

81
Q

entails an explanation of the value proposition. It is a section where the entrepreneur compares
himself with the competition and proves how he is
better than them

A

Key HIghlight

81
Q

used to align the business activities by detailing possible trade-offs.

A

Business Model Canvas

81
Q

Who proposes the Business Model Canvas

A

Alexander Osterwalder

81
Q

capital used to set up a new business; refers to the money raised by a new company in order to meet its initial costs.

A

Start-up Capital

81
Q

describes what makes you different from others and outlines the list of competitors and their positioning,
strengths, weaknesses, threats and opportunities

A

Competition

81
Q

a document that offers an explanation why a particular model leads to success in a given scenario, written in a persuasive, active voice to encourage customers and make investments in the idea.

A

Business Brief

81
Q

Discusses who your core team members are and delineates their titles and capacities . State during presentation why you believe they are vital

A

Management team

81
Q

Who said

“Money is like gasoline during a road trip. You don’t want
to run out of gas on your trip, but you’re not doing a tour
of gas stations”

A

Tim O’Reilly

81
Q

the first communication instrument that provides an overview of the business in order to raise funds

A

Business pitch

81
Q

Revenue Model

person selling will give
products to the highest bidder (property/product)

A

Auction/Bidding

81
Q

Revenue Model

there are physical goods/digital products to generate money; sold in a fixed price; dry goods, grocery,
textile

A

Retal/Commercial/Wholesale

81
Q

Revenue Model

charge based on predetermined periodic usage; Netflix, Internet,
electricity, water, mobile phone carrier

A

Subscription and Usage

81
Q

Who said

“Chase the vision, not the money; the money will end up
following you.”

A

Tony Hsieh

82
Q

Refers to how your business will generate money

A

Revenue model

82
Q

Revenue Model

revenue comes from transactions/intermediated a business deal, brokerage firm

A

Transaction and Intermediation

82
Q
A
82
Q

Revenue Model

sell data to company or (Nielsen) –
statistics and results

A

Database

82
Q

WHAT CAPITAL

bridges the gap between your current financing and the next
level of financing

A

BRIDGE CAPITAL

82
Q

Revenue Model

creator and innovative inventors;
patency, copyrighter, trademark = Antivirus software, SPSS-research

A

Licensing

82
Q
A
82
Q

Revenue Model

sales by charging the one
advertising per length of air time (tv,radio,SNS) or size of poster

A

Advertising

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