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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. Do your research - concept - opportunity - competitive landscape - keys to success - people involved
The Competitive analysis
Contents of the executive summary
Business Plan Prep
Step 1: define you purpose and audience
2. 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
Contents of the executive summary
Parts of a business plan
Step 1: define you purpose and audience
The Industry background
3. 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 operations plan
The Competitive analysis
The Management Summary
4. 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
The operations plan
Key success factors of the operation plan
The Market plan
Types of promotion
5. 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
The Financial plan
The Business Description
Key success factors of the operation plan
'Go to market' strategy
6. 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
Executive summary
The Business Environment Analysis
The operations plan
Step 1: define you purpose and audience
7. 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?
8. Compare long - term benefits vs. cost of customer acquisition to determine value
Determine value of each customer
Parts of a business plan
Cover page
The Business Environment Analysis
9. 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?
Parts of a business plan
The Competitive analysis
Types of promotion
Market analysis
10. Word of mouth and social media - promotions & Tradeshows - direct sales - advertising
The Financial Plan components
Market analysis
Types of promotion
The Business Description
11. 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
The operations plan
The Business Description
Attachments and milestones
Executive summary
12. Who will read this? - what do you want them to know? - what do you want them to do?
Contents of the executive summary
The Financial plan
Step 1: define you purpose and audience
Step 2: determine your information needs
13. 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
The Industry background
Market analysis
Executive summary
Determine value of each customer
14. 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 Market plan
Contents of the executive summary
The operations plan
Cover page
15. Cover page - table of contents - executive summary - business description - business enviornmemt - industry background - competitive analysis - market analysis - marketing plan - operations plan - management summary - financial
Parts of a business plan
Key success factors of the operation plan
The Market plan
Business Plan Prep
16. 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?
Cover page
The Management Summary
Attachments and milestones
The Business Environment Analysis
17. 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
'Go to market' strategy
Cover page
Attachments and milestones
Key success factors of the operation plan
18. Market research (primary and secondary) - industry research - competitor analysis - relevant cost/financial data
Step 2: determine your information needs
The Business Environment Analysis
The Management Summary
Types of promotion
19. The capital requirements of the business - financial projections - breakeven analysis - key assumptions - contingencies & probabilities - financial returns - business valuation
The Financial Plan components
The Management Summary
Determine value of each customer
Executive summary
20. 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
Cover page
The Management Summary
Attachments and milestones
21. 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
Executive summary
Attachments and milestones
The Financial plan
Contents of the executive summary
22. 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
Key success factors of the operation plan
The Market plan
The Management Summary
The Industry background