Business Plan
What is a business plan?
A document that outlines a business's goals, strategies, and plans for achieving them.
What is seed funding?
Initial capital used to develop a business idea or product.
What is target market?
A specific group of consumers at which a business aims its products and services.
Limited Liability Company; a flexible business structure that protects its owners from personal liability.
What is inventory management?
The process of ordering, storing, and utilizing a company's inventory.
What are the key components of a business plan?
Executive summary, market analysis, organization structure, product line, marketing strategies, funding request, and financial projections.
What are personal savings?
Funds that an entrepreneur has saved personally to invest in their business.
What is branding?
The process of creating a unique name and image for a product in the consumer's mind.
What is sole proprietorship?
A business owned and operated by a single individual, where there is no legal distinction between the owner and the business.
What is customer service?
The support offered to customers before, during, and after purchasing a product or service.
why is market research important?
It helps identify target customers, understand market trends, and assess competition.
What is a loan?
Money borrowed from a bank or financial institution that must be paid back with interest.
What are social media strategies?
Techniques used to promote products and engage with costumers through social media platforms.
What are the benefits of incorporating?
Limited liability, tax advantages, and increased credibility.
What is supply chain management?
The management of the flow of goods and services from suppliers to customers.
How can you evaluate your competition?
By analyzing their strengths and weaknesses, pricing, marketing strategies, and costumer reviews.
What are venture capitalists?
Investors who provide capital to startups with high growth potential in exchange for equity.
What is SEO?
Search engine optimization; techniques used to improve a website's visibility on search engines.
What is a partnership?
A business structure where two or more individuals share ownership and management responsibilities.
What are operating expenses?
The costs required to run a business that are not directly tied to producing a product or service.
What is an executive summary?
A brief overview of the business plan that summarizes the key points and attracts interest from investors.
What is crowdfunding?
Raising small amounts of money from a large number of people, typically via the internet.
What is a marketing mix?
The combination of product, price, place, and promotion strategies used to market a product.
What is a non-profit organization?
An organization that operates for charitable, educational, or social purposes without the aim of making a profit.
What is a business model?
A plan that outlines how a company creates, delivers, and captures value.