Business Plan 1
A letter that introduces and explains an accompanying document or set of documents.
What is a Cover Letter?
Name 3 tips when creating a business plan.
What is know your competition, have proof of all claims, be realistic with time and resources available, have a strong team, document how your idea will work, be logical, describe the facilities and location?
A document providing the steps for opening and operating a business.
What is a Business Plan?
List 4 documents that might be included in the appendix.
What are tax returns, personal financial statements, copy of proposed lease or purchase agreement for the building, copy of business license, copy of resume, letter of recommendation, copies of letter of intent from suppliers, copy of any large sale contracts?
For whom is a business plan written?
What is investors, lenders, and suppliers?
An independent agency of the federal government that was created to help Americans start, build, and grow businesses.
What is Small Business Administration (SBA)?
A short restatement of the report portion of a business plan.
What is an Executive Summary?
This part of the business plan includes supporting documents that provide additional information and back up statements made in the body of the report.
What is Appendix?
List 3 common mistakes that are made in business planning.
Unrealistic financial projections, undefined target market, poor research, ignored competition, and inconsistencies in the business plan.
True/False - You do not need to research to prepare your own business plan.
What is False?
Name 2 ways to collect research for your business plan.
What is Online Resources, In Person, or Paper Resources?
A brief explanation of why the writer of a business plan is asking for a loan and what she or he plans to do with the money.
What is Statement of Purpose?
Includes your company's income statements, capital requirements, business costs, and your plan to repay.
What is Financial Management?
What should the marketing part of the business plan describe?
What is identify the target market, analyze the competition, list out business strengths, discuss your marketing strategy, pricing, promotion, and placing?
True/False - Entrepreneurs should only identify long-term goals.
What is False?
Uses a standard structure but focuses on summarizing the key points and elements of the business.
What is Lean Startup?
This section of the plan includes a breakdown of what your product or service is, its unique features and any future products you want to develop.
What is Product or Service?
The section that includes an overview of the daily operations of your business, including management and staffing structure, human resources plan, physical operations and production methods.
What is Operations?
What should the introductory section of the business plan contain?
What is detailed description, ownership and legal structure, skills and experience, competitive advantages?
Why is an appendix important?
What is it supports information in the body of the report?
Which on of the introductory elements of the business plan includes the name of your company, the current date, the owner of the company, the title of the owner, and the address and telephone number of the company?
What is Title Page?
Name 3 of the Introductory Elements of a Business Plan.
What is Cover Letter, Title Page, Table of Contents, Statement of Purpose, Executive Summary.
Which one of the introductory elements of the business plan include a listing of the material included in publication. I show the reader what each page covers.
What is Table of Contents?
What should the Financial Management part of the business plan include?
What is Identification of Risks, Financial Statements, Funding Request on Investment?
Name the 7 elements of a business plan.
What is Executive Summary, Business Description, Products and Services, Market Analysis & Marketing Plan, Operations Overview, Financial Plan, Appendix?