Purposes of Business Plan
What is something every business should take the time to write?
What is a business plan?
Contains the majority of the information about the business.
What is the main body?
A document that lists the skills, education and work experience of the entrepreneur.
What is a RESUME
How long does the book and Quizlet say you should work on your business plan.
50 TO 100 HOURS
True or False: A business plan explains the idea behind your business and your product or service will be produced and sold.
What is true.
A business plan helps you ______ your ideas and plans to others.
What is communicate?
The first part of a business plan
What is the introduction?
When you try to sell or persuade something that you have a good business idea you give them the what? This is also something that can be done on an elevator ride?
What is PITCH
Where can you go to get valuable advice and counseling help for your business plan?
SBA - Small Business Administration
True or False: A business plan is only good for when you are starting up your business during the first year.
What is false.
A business plan makes you think about all _____ of your business.
What are aspects
The section with all of the supporting documents at the end of the business plan.
What is the appendix?
A formal document that explains the purpose of your business and tells what you plan to do with the loan.
What is STATEMENT OF PURPOSE
What is an organization made up of professionals who are in your same field or industry?
TRADE ASSOCIATIONS
Who is the business plan for? 3 answers
You the entrepreneur, the bank, investors.
A business plan may help you get a _______ for your business.
What is a loan or investment
The sections with all the numbers, sales projections, expenses.
What is financial section?
Name 2 important parts of a successful business pitch.
KNOW YOUR NUMBERS, MAKE SURE IT IS CLEAR, KEEP IT SHORT, BE UPBEAT AND POSITIVE, PRACTICE OVER AND OVER, EXPLAIN WHY YOU ARE THE RIGHT PERSON FOR THE BUSINESS.
One common mistake in writing a business plan is having an undefined target market. What does this mean?
IDENTIFYING WHO YOUR POTENTIAL CUSTOMERS ARE
A business plan describes the background and experience of who? 2 answers
The entrepreneur and the leadership team of the business.
Businesses that develop a business plan are more likely to _______.
What is SUCCEED
A corporation and a partnership will have the same exact business plan. True or False.
What is false?
What are 2 of the main parts of a PITCH?
TELLING WHAT THE BUSINESS IS
TELLING WHO IT IS FOR
TELLING WHAT PURPOSE THE BUSINESS SERVES
What are 2 other common mistakes in writing a business plan besides undefined target market?
UNREALISTIC PROJECTIONS
POOR RESEARCH
IGNORING THE COMPETITION
INACCURATE AND INCONSISTENT INFORMATION