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Test your basic knowledge |
Business Plan Basics
Start Test
Study First
Subject
:
business-skills
Instructions:
Answer 22 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Advantages in sourcing materials - discover cheaper transporting methods - technological innovations in the manufacturing or distribution process - can lower costs or increase productivity - a favorable geographical location - closer to customers
Step 2: determine your information needs
Key success factors of the operation plan
Cover page
The Competitive analysis
2. The capital requirements of the business - financial projections - breakeven analysis - key assumptions - contingencies & probabilities - financial returns - business valuation
The Competitive analysis
The Financial Plan components
Executive summary
The Financial plan
3. What are the products or services produced by the industry? - how big is the industry and where are the primary 'clusters' of participants? - what trends exist? - what barriers to entry prevent competition?
The Industry background
Contents of the executive summary
Key success factors of the operation plan
The Competitive analysis
4. How big is the overall market? - to what extent is the market growing? - what is your 'addressable' target market? - why would this market prefer you solution?
Market analysis
Business Plan Prep
Attachments and milestones
Executive summary
5. This is you abstract for you proposition - it must be GREAT because it may be all that people read - The mission statement - quick understanding of the proposal - capture people's interest in the business
'Go to market' strategy
Executive summary
Step 2: determine your information needs
The Market plan
6. Describe each member of the management team - Where have they worked? - what is their track record and reputation? - what knowledge - skills - and abilities do they possess? - how committed are they - do they have 'skin in the game'? - Describe
The Industry background
Types of promotion
The Management Summary
Executive summary
7. Market research (primary and secondary) - industry research - competitor analysis - relevant cost/financial data
Market analysis
The Financial Plan components
Types of promotion
Step 2: determine your information needs
8. Products - focus on benefits - not features - Price - single - tiered - volume (based on cost - plus - supply & demand - etc) - Placement - distribution channels and alliances - Promotion - how will customers learn?
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9. Have a clean - professional appearance - include the name of the business or project - give you name and contact info - display the company logo or emblem
Key success factors of the operation plan
The Business Description
Market analysis
Cover page
10. Compare long - term benefits vs. cost of customer acquisition to determine value
Cover page
'Go to market' strategy
The Financial Plan components
Determine value of each customer
11. In what industry will you compete? - who are you competitors within that industry? in other industries? - what is the market (geographic/demographic scope) - who actually pays?
Step 2: determine your information needs
The Business Environment Analysis
The Business Description
The Financial plan
12. Word of mouth and social media - promotions & Tradeshows - direct sales - advertising
Step 2: determine your information needs
The operations plan
Key success factors of the operation plan
Types of promotion
13. Who are the competitors? (direct and indirect) - what differentiates you product or services from you competition? - how much of a threat are your competitors to venture?
Determine value of each customer
The Market plan
The Competitive analysis
Step 2: determine your information needs
14. Cover page - table of contents - executive summary - business description - business enviornmemt - industry background - competitive analysis - market analysis - marketing plan - operations plan - management summary - financial
The Industry background
The operations plan
Executive summary
Parts of a business plan
15. Who will read this? - what do you want them to know? - what do you want them to do?
The Management Summary
Step 1: define you purpose and audience
Determine value of each customer
The Market plan
16. The problem (pain) and the solution (painkiller) you offer - The context - market - industry - competitors - The business opportunity (size - timing - sustainability) - how will you capitalize on the opportunity (business model) - th
The Management Summary
Contents of the executive summary
Types of promotion
Market analysis
17. How much you will spend - how much you will make - how quickly earnings - the capital requirements of the business - financial projections - breakeven analysis - key assumptions - contingencies & probabilities - financial returns - business valuation
The Financial Plan components
The Financial plan
Types of promotion
Parts of a business plan
18. Characterize the 'pain' in the market - review your marketing/sales milestones - characterize buyer preferences - routines and favored distribution channels - determine value of each customer
The Business Description
The Business Environment Analysis
The Market plan
Step 2: determine your information needs
19. Describes how you will deliver your value proposition - emphasize how your plan will result in superior value and/or lower costs than competitors - better/cheaper access to inputs - better/cheaper access to labor capital - a favorable geographical l
The operations plan
Step 2: determine your information needs
The Management Summary
The Financial Plan components
20. Example: Detailed financials (summaries are in main document) - expected milestones timeline (or in main document) - pictures of prototypes - plans - etc - documentation of intellectual property - letters from potential supplies - distributors
Determine value of each customer
The Business Description
Attachments and milestones
Contents of the executive summary
21. Provide a realistic picture of the business venture - current status of your business - who you are trying to help - the business you are creating - the offering(s) you'll sell - what the product is - what is the structure of your busine
Parts of a business plan
The Market plan
The Business Description
Step 2: determine your information needs
22. Do your research - concept - opportunity - competitive landscape - keys to success - people involved
Business Plan Prep
The Financial plan
Step 1: define you purpose and audience
Market analysis