Question 1

It is appropriate to discuss the geographic location of production facilities and how this enhances your firm's competitive advantage.

Accepted Answer

A) True 
 B)False  True

Question 2

Both positive and negative trends will help shape the businesses.

Accepted Answer

A) True 
 B)False  True

Question 3

Which of the following is NOT a standard subsection of a marketing plan?

Accepted Answer

A)  Product strategy; 
B)  Market strategy of the competitors; 
C)  Pricing strategy; 
D)  Distribution strategy; 
E)  Sales strategy. 
A)  Product strategy; 
B)  Market strategy of the competitors; 
C)  Pricing strategy; 
D)  Distribution strategy; 
E)  Sales strategy. B

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is the key to creating visual catch-points in a business plan?

Accepted Answer

A)  Write long, descriptive paragraphs 
B)  Use clearly marked headers and sub-headers throughout the document. 
C)  Maintain 1 inch margins on the sides and top and ½ inch on bottom. Single spaced text. 
D)  None of the above. 
E)  All of the above. 
A)  Write long, descriptive paragraphs 
B)  Use clearly marked headers and sub-headers throughout the document. 
C)  Maintain 1 inch margins on the sides and top and ½ inch on bottom. Single spaced text. 
D)  None of the above. 
E)  All of the above.

Question 6

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 7

Which of the following is the most important part of the business plan?

Accepted Answer

A)  Executive Summary 
B)  Operations 
C)  Team 
D)  Critical Risks 
E)  Financial Plan 
A)  Executive Summary 
B)  Operations 
C)  Team 
D)  Critical Risks 
E)  Financial Plan

Question 8

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

Question 9

As mentioned in earlier chapters and reiterated in this chapter, "cost plus" pricing is the best strategy, because it wastes the least amount of time.

Accepted Answer

A) True 
 B)False

Question 10

Considerations to include in your Financing plan should include

Accepted Answer

A)  Options to slow the "burn rate" if needed. 
B)  Financing requirements by phase of growth 
C)  Milestones to be met between rounds of financing 
D)  None of the above 
E)  All of the above 
A)  Options to slow the "burn rate" if needed. 
B)  Financing requirements by phase of growth 
C)  Milestones to be met between rounds of financing 
D)  None of the above 
E)  All of the above

Question 11

Entrepreneurs often enter markets and find, to their surprise, either that direct competition does not exist, or that it is complacent and slow to react.

Accepted Answer

A) True 
 B)False

Question 12

New ventures will have better chances for success in an emerging market, on the verge of rapid growth.

Accepted Answer

A) True 
 B)False

Question 13

Strategic partners are required by law to be offered seats on your Board of Directors.

Accepted Answer

A) True 
 B)False

Question 14

Market analysis looks at current underserved gaps in the market, but most importantly, trends that are shaping the future.

Accepted Answer

A) True 
 B)False

Question 15

All plans have risks, and a solid business plan should acknowledge critical assumptions made, the risk of those assumptions proving false, and a plan to confirm/deny those assumptions in a timely manner.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following subsections is traditionally NOT placed in the executive summary?

Accepted Answer

A)  Description of opportunity 
B)  Industry overview 
C)  Critical risks 
D)  Competitive advantage 
E)  Team and offering 
A)  Description of opportunity 
B)  Industry overview 
C)  Critical risks 
D)  Competitive advantage 
E)  Team and offering

Question 17

How can entrepreneurs minimize risk?

Accepted Answer

A)  Market research; 
B)  Focus groups; 
C)  Beta testing; 
D)  All of the above; 
E)  None of the above. 
A)  Market research; 
B)  Focus groups; 
C)  Beta testing; 
D)  All of the above; 
E)  None of the above.

Question 18

When writing a business plan it is best to:

Accepted Answer

A)  Use a creative format to capture the investor's attention. 
B)  Lead the plan with the TEAM section because investors often focus on the team members, rather than the idea. 
C)  Follow a common outline because it helps spot reading. 
D)  Avoid appendices because nobody reads them. 
E)  All of the above. 
A)  Use a creative format to capture the investor's attention. 
B)  Lead the plan with the TEAM section because investors often focus on the team members, rather than the idea. 
C)  Follow a common outline because it helps spot reading. 
D)  Avoid appendices because nobody reads them. 
E)  All of the above.

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

The business plan must establish that there is an opportunity worth exploiting and must detail how to take advantage of it.

Accepted Answer

A) True 
 B)False

It is appropriate to discuss the geographic location of production facilities and how this enhances your firm's competitive advantage.

Both positive and negative trends will help shape the businesses.

Which of the following is NOT a standard subsection of a marketing plan?

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

Which of the following is the key to creating visual catch-points in a business plan?

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

Which of the following is the most important part of the business plan?

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

As mentioned in earlier chapters and reiterated in this chapter, "cost plus" pricing is the best strategy, because it wastes the least amount of time.

Considerations to include in your Financing plan should include

Entrepreneurs often enter markets and find, to their surprise, either that direct competition does not exist, or that it is complacent and slow to react.

New ventures will have better chances for success in an emerging market, on the verge of rapid growth.

Strategic partners are required by law to be offered seats on your Board of Directors.

Market analysis looks at current underserved gaps in the market, but most importantly, trends that are shaping the future.

All plans have risks, and a solid business plan should acknowledge critical assumptions made, the risk of those assumptions proving false, and a plan to confirm/deny those assumptions in a timely manner.

Which of the following subsections is traditionally NOT placed in the executive summary?

How can entrepreneurs minimize risk?

When writing a business plan it is best to:

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

The business plan must establish that there is an opportunity worth exploiting and must detail how to take advantage of it.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

Building Your Pro Forma Financial Statements

Financing 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

Filters

Exam 8: The Business Planning Process

It is appropriate to discuss the geographic location of production facilities and how this enhances your firm's competitive advantage.

Both positive and negative trends will help shape the businesses.

Which of the following is NOT a standard subsection of a marketing plan?

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

Which of the following is the key to creating visual catch-points in a business plan?

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

Which of the following is the most important part of the business plan?

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

As mentioned in earlier chapters and reiterated in this chapter, "cost plus" pricing is the best strategy, because it wastes the least amount of time.

Considerations to include in your Financing plan should include

Entrepreneurs often enter markets and find, to their surprise, either that direct competition does not exist, or that it is complacent and slow to react.

New ventures will have better chances for success in an emerging market, on the verge of rapid growth.

Strategic partners are required by law to be offered seats on your Board of Directors.

Market analysis looks at current underserved gaps in the market, but most importantly, trends that are shaping the future.

All plans have risks, and a solid business plan should acknowledge critical assumptions made, the risk of those assumptions proving false, and a plan to confirm/deny those assumptions in a timely manner.

Which of the following subsections is traditionally NOT placed in the executive summary?

How can entrepreneurs minimize risk?

When writing a business plan it is best to:

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

The business plan must establish that there is an opportunity worth exploiting and must detail how to take advantage of it.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

Building Your Pro Forma Financial Statements

Financing 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

Filters