1. What is an industry analysis and why is it important for a new firm to analyze the industry in which it may choose to compete?
2. What are the advantages of preparing a business plan for a new venture?
3. What are some of the specific steps hat can be taken in an entrepreneurial venture for the purpose of building a strong ethical culture?
4. What is the purpose of a forecast? What factors does a firm use to create its forecasts of future income and expenses

9. Travis Ryan is one of the four cofounders of a skateboard company. The cofounders have decided to write a business plan to obtain funding for their venture. During a recent meeting, Travis said, I know that we all are really busy, so Id like to volunteer to write our business plan. A friend of mine has a house on a lake. If the three of you agree, Ill take my laptop to my friends house for a couple of days and knock out our business plan. Any objections? If you were one of Traviss cofounders, what would you say? What alternative approaches to writing a business plan would you propose and why?

10. Kirsten, a friend of yours plans to open a fashion boutique that will sell womens clothing and accessories. She told you that she leafed through several books on how to prepare forecasts and pro forma financial statements but that the books were geared toward existing firms that have several years of historical financial statements on which to base their projections. If Kirsten asked for your advice about how to prepare forecasts for a completely new womens fashion boutique, what would you tell her?