Question 1

When an entrepreneur understands who his customers are, he can assess _____:

Accepted Answer

A) what compels them to make purchases. 
B) how his company can sell to them. 
C) the cost of sales. 
D) how his company can retain customers. 
E) All of the above. 
A) what compels them to make purchases. 
B) how his company can sell to them. 
C) the cost of sales. 
D) how his company can retain customers. 
E) All of the above. E

Question 2

The Board of Directors' primary role is to oversee the company on behalf of the employees, and to that end the board has the power to replace top executives if it feels doing so would be in the best interests of the staff.

Accepted Answer

A) True 
 B)False  False

Question 3

A development strategy includes a schedule that highlights major milestones for the venture.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following is a common subsection of an Operations plan?

Accepted Answer

A) Operations strategy; 
B) Scope of operations; 
C) Ongoing operations; 
D) All of the above; 
E) None of the above. 
A) Operations strategy; 
B) Scope of operations; 
C) Ongoing operations; 
D) All of the above; 
E) None of the above.

Question 5

Detailed information which expands upon main areas of your business plan should be included in which portion of the plan?

Accepted Answer

A) Operations 
B) Appendices 
C) Financial Plan 
D) Market Plan 
E) None of the Above 
A) Operations 
B) Appendices 
C) Financial Plan 
D) Market Plan 
E) None of the Above

Question 6

Since the executive summary is the most important part of the finished plan, an entrepreneur should write that section first, in order to frame the rest of the plan.

Accepted Answer

A) True 
 B)False

Question 7

Your distribution strategy can define your company's fortune as much as the product itself.

Accepted Answer

A) True 
 B)False

Question 8

Explain the importance of finding an entry point in the market analysis that holds a substantial (30-40%)gross margin for a new venture.

Accepted Answer

As new ventures will burn through cash a

Question 9

The biggest risk any new venture faces is dilution of equity.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is not a reason that business planning can help entrepreneurs to articulate the business opportunity to stakeholders?

Accepted Answer

A) The plan provides background information that enables the entrepreneur to communicate the upside potential to investors. 
B) It provides the validation needed to convince potential employees to leave their current jobs for the uncertain future of a new venture. 
C) It can help secure a strategic partner, 
D) It can help secure a key customer, or supplier. 
E) All of the above. 
A) The plan provides background information that enables the entrepreneur to communicate the upside potential to investors. 
B) It provides the validation needed to convince potential employees to leave their current jobs for the uncertain future of a new venture. 
C) It can help secure a strategic partner, 
D) It can help secure a key customer, or supplier. 
E) All of the above.

Question 11

Discuss the criticality of the financing portion and its connection to the offering section of the business plan.

Accepted Answer

Many new ventures run out of cash.The fi

Question 12

What are some of the critical outcomes of competitive profile and product attribute analysis in terms of your initial business plan.

Accepted Answer

New entrants may not enjoy many (or any)

Question 13

An 'A' entrepreneur with a 'B' idea is better than a 'B' entrepreneur with an 'A' idea."

Accepted Answer

A) True 
 B)False

Question 14

A simple, flat organization chart is often useful to visualize what roles you have filled and what gaps remain.

Accepted Answer

A) True 
 B)False

Question 15

What are the two methods of forecasting future revenues, as stated in the chapter?

Accepted Answer

A) The comparable method and the build-up method; 
B) The comparable method and the distributed method; 
C) The distributed method and the precise method; 
D) The random method and the precise method; 
E) None of the above. 
A) The comparable method and the build-up method; 
B) The comparable method and the distributed method; 
C) The distributed method and the precise method; 
D) The random method and the precise method; 
E) None of the above.

Question 16

Why should entrepreneurs go out and interview potential customers, especially in the early conceptualization stages?

Accepted Answer

The typical reason is too often entrepre

Question 17

If business planning predicts that your gross margins will be 5%, you would be best advised to:

Accepted Answer

A) redesign your concept or abandon your concept. 
B) keep your business small so that you can manage costs. 
C) focus on guerilla marketing to target a niche. 
D) All of the above 
E) None of the above 
A) redesign your concept or abandon your concept. 
B) keep your business small so that you can manage costs. 
C) focus on guerilla marketing to target a niche. 
D) All of the above 
E) None of the above

Question 18

What factors should be kept in mind when we are preparing the cover of the business plan?

Accepted Answer

a)First, the contact person for a new ve

Question 19

Generally speaking, what is the greatest benefit of the business planning process?

Accepted Answer

The business planning process provides t

Question 20

A three-ring binder filled with initial intelligence can be a good starting point in the business planning process.

Accepted Answer

A) True 
 B)False

When an entrepreneur understands who his customers are, he can assess _____:

The Board of Directors' primary role is to oversee the company on behalf of the employees, and to that end the board has the power to replace top executives if it feels doing so would be in the best interests of the staff.

A development strategy includes a schedule that highlights major milestones for the venture.

Which of the following is a common subsection of an Operations plan?

Detailed information which expands upon main areas of your business plan should be included in which portion of the plan?

Since the executive summary is the most important part of the finished plan, an entrepreneur should write that section first, in order to frame the rest of the plan.

Your distribution strategy can define your company's fortune as much as the product itself.

Explain the importance of finding an entry point in the market analysis that holds a substantial (30-40%)gross margin for a new venture.

The biggest risk any new venture faces is dilution of equity.

Which of the following is not a reason that business planning can help entrepreneurs to articulate the business opportunity to stakeholders?

Discuss the criticality of the financing portion and its connection to the offering section of the business plan.

What are some of the critical outcomes of competitive profile and product attribute analysis in terms of your initial business plan.

An 'A' entrepreneur with a 'B' idea is better than a 'B' entrepreneur with an 'A' idea."

A simple, flat organization chart is often useful to visualize what roles you have filled and what gaps remain.

What are the two methods of forecasting future revenues, as stated in the chapter?

Why should entrepreneurs go out and interview potential customers, especially in the early conceptualization stages?

If business planning predicts that your gross margins will be 5%, you would be best advised to:

What factors should be kept in mind when we are preparing the cover of the business plan?

Generally speaking, what is the greatest benefit of the business planning process?

A three-ring binder filled with initial intelligence can be a good starting point in the business planning process.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

Building Your Pro Forma Financial Statements

Facing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship: an Overview

Filters

Exam 7: The Business Planning Process

When an entrepreneur understands who his customers are, he can assess _____:

The Board of Directors' primary role is to oversee the company on behalf of the employees, and to that end the board has the power to replace top executives if it feels doing so would be in the best interests of the staff.

A development strategy includes a schedule that highlights major milestones for the venture.

Which of the following is a common subsection of an Operations plan?

Detailed information which expands upon main areas of your business plan should be included in which portion of the plan?

Since the executive summary is the most important part of the finished plan, an entrepreneur should write that section first, in order to frame the rest of the plan.

Your distribution strategy can define your company's fortune as much as the product itself.

Explain the importance of finding an entry point in the market analysis that holds a substantial (30-40%)gross margin for a new venture.

The biggest risk any new venture faces is dilution of equity.

Which of the following is not a reason that business planning can help entrepreneurs to articulate the business opportunity to stakeholders?

Discuss the criticality of the financing portion and its connection to the offering section of the business plan.

What are some of the critical outcomes of competitive profile and product attribute analysis in terms of your initial business plan.

An 'A' entrepreneur with a 'B' idea is better than a 'B' entrepreneur with an 'A' idea."

A simple, flat organization chart is often useful to visualize what roles you have filled and what gaps remain.

What are the two methods of forecasting future revenues, as stated in the chapter?

Why should entrepreneurs go out and interview potential customers, especially in the early conceptualization stages?

If business planning predicts that your gross margins will be 5%, you would be best advised to:

What factors should be kept in mind when we are preparing the cover of the business plan?

Generally speaking, what is the greatest benefit of the business planning process?

A three-ring binder filled with initial intelligence can be a good starting point in the business planning process.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

Building Your Pro Forma Financial Statements

Facing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Legal and Tax Issues, Including Intellectual Property

Entrepreneurial Growth

Social Entrepreneurship: an Overview

Filters