Exam 8: New Business Planning Process: Feasibility Analysis,business Modeling,

Why does the entrepreneur need to develop a business plan? What functions does it fulfill?

A benefit is a descriptive fact about a product or service.

An executive summary should:

The primary purpose of building a business plan is to raise capital.

The ________ highlights significant financial and operational events in the company's life and should concentrate on the company's accomplishments.

The primary purpose of building a business plan is to:

When the entrepreneur describes the product in terms of what the customer gains through its purchase and use,he/she is describing it in terms of its features.

Review the business plan process,outlining the important elements of the presentation.

Business prototyping recognizes that every business idea is a hypothesis that needs to be tested before an entrepreneur takes it to full scale.

Business strategy outlines how the owner plans to achieve business objectives in the face of a competitive environment.

Which of the following statements is true?

In today's financial climate,more banks are becoming the primary and often only source of capital for new ventures.

The business and industry profile section of the business plan includes:

Defining the target market is one of the hardest and most important things the entrepreneur can do in the business plan.

A ________ is what a customer gains from the product or service feature.

Essential pieces of information for potential investors and lenders are the assumptions the entrepreneur used to derive forecasts,projections,etc.

A feature is what a customer gains from a product.

Business plans need to pass three tests:

A well-developed business plan provides the entrepreneur with a number of benefits,such as:

Discussion of profitability and anticipated profitability of firms in the market segment,along with the entry,exit,and merger of those firms,is all part of the ________ section of the business plan.