The business Plan

Question 1

What is a business plan?

Answer 1

This is a document that outlines the goals of a company, and the strategies and plans to achieve said goals. It serves as a road map for the business.

Question 2

What are the components of a business plan?

Answer 2

Mission Statement
Discription of Management
Financial analysis
Business Enviroment Analysis
Production Analysis
Executive sumarry
Market and Market Analyis

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Question 3

What is the mission statement?

Answer 3

It is the part of the business plan that outlines the business’ vision, objectives, and strategies to archive them.

Question 4

What is the Description of management?

Answer 4

It is the list of the competent staff in the organization, their duties, powers, wages etc.c

Question 5

What is the financial Analysis?

Answer 5

it involves income statements, sources of finance, cash flow statements, and other important financial information about the business..

Question 6

What is the Business Environment Analysis?

Answer 6

It is the use of SWOT analysis to analyze the growth and development in the business

Question 7

What is the production Analysis?

Answer 7

it is the most efficient combination of resources to produce output(product or services) at the cheapest rate possible.

Question 8

What is the Executive summary?

Answer 8

It is an overview of the most important parts of the business and business plan, including the identified problem, the target market, the proposed solution and the financial projections

Question 9

What is the Market and Marketing Analysis?

Answer 9

It is the prediction of the needs of potential customers classifying the needs, creating plans to meet those needs, and integrating those plans into the business.

Question 10

Why is the business plan important to the entrepreneur?

Answer 10

-> It acts as a road map for them
-> It fuels their ambition
-> It attracts potential investors
-> It prevents the risk of investing in an unprofitable business venture
-> It helps them stay focus

Question 11

Why is the Executive summary considered the most important part of the business plan?

Answer 11

-> It provides an overview of the entire business plan
-> It makes it easier for a reader to understand the content of the business plan
-> Only from reading the executive summary, investors can determine whether they want to invest in the business or not
-> It gives the entrepreneur an opportunity to review the business
-> It answers the fundamental questions of the business