Why is a full business plan important?

• It is essential for raising funding for a new company
• It forces you to answer critical questions about your business
• It provides a road map for guiding your new business
• All of the above are correct

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What information goes into the executive summary of a business plan?

• The problem you are addressing with your business
• How you will market your business
• How your business will make money
• All of the above go into an executive summary

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What information goes into the financial section of a business plan?

• a. Customer niches you are targeting with your business
• b. Three years of financial projects that include sources of revenue
• c. Key resources you will need to launch and grow your company
• d. B and C

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Which of the following is one of the Donts for writing a strong business plan?

• Be realistic about market size and desired market share
• Include as much personal experience as you can
• Make sure your plan is between 40 and 50 pages
• Base all your assumptions on real and objective data

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What information goes into an execution plan for a business?

• Goals, relevant activities, and timing for gaining early traction in the market
• Four to six key objectives or initiatives you will purse the first year you are in business
• Steps or actions you will take to accomplish your objectives in a timely manner
• All of the above go into an execution plan

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What is the difference between a business plan and keys for implementing business strategy?

• A business plan is the history of what you have accomplished; the keys to implementing strategy are your goals and aspirations for the future
• A business plan is the history of your past performance; the keys to implementing strategy explain how you how you achieved your past performance
• A business plan is the road map to the future; the keys to implementing strategy are the way you get to that future
• A business plan is the road map to the future; the keys to implementing strategy are what you have done in the past.

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Why is it important to create and emphasize an exciting vision within your organization?

• So you can earn a better salary and bigger stock distributions
• So you can inspire and motivate and team members to help achieve the vision
• So you can get more publicity and a possible book contract
• So you can increase your chance of merging with a public company

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What information goes into the management section of a full business plan?

• a. Key roles, team members, mentors and advisers
• b. Operational issues like sourcing, acquisition of materials, production of products, packaging, distribution, and customer service strategies
• c. Resources needed and three years of financial projections
• d. A and B

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Which approach has the most impact on leveraging team strengths?

• Identifying peoples weaknesses and helping them change
• Building on peoples passions and strengths
• Giving people more time off for a balanced life
• All of the above are correct

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What is the best way to view a business plan once you create it?

• It is great for designing a new business but not very useful afterwards
• It is old fashion and not very helpful anymore
• It is a great road map but you need to stay open to new opportunities that arise
• It should be followed precisely in order to satisfy lenders and investors