Vocab Quiz Flashcards
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a written document that describes all the steps necessary for opening and operating a successful business.
Business Plan
Operations
Elements of Operations
Executive Summary, Appendix, and Put it All Together
Completing the business plan consist of
-Unrealistic financial projections
-An undefined target market
-Poor research
-Ignored competition
-Inconsistencies in the business plan
Mistakes in Business Planning
Bankers and accountants can provide information about loans and financial statements
Financial Institutions
Organization made up of professionals in a specific industry
Trade Association
retired executives provide free, confidential advice to entrepreneurs either in person or through the internet
Services Corps, of Retied Executive (SCORE)
SBA, SBDC, SCORE, Chamber of Commerce, Trade Associations, Professional Consultants, and Financial Institutions
Community, Government, and Professional Resources
Research the Business Plan, and it may take years in order to successfully create an effective one
Creating an effective Business Plan
A goal you want to achieve within the next 2-5 years from now
Mid/medium term goal
A goal you want to set out at least 5 years from now
Long term goals
Explains services, set objectives, and describes the operating of the business
Purposes of a Business Plan
Includes any supporting channels and found at the end of the business plan
Appendix
a joint effort of the private sector, educational community, and federal, state, and local government to provide free help for businesses
Small Business Development Centers
Provides information on local business trades
Chamber of Commerce
