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

Some feel the worst mistake an entrepreneur can make is to fail to define the target market.

Lenders and investors look for the experience,qualifications and age of the people who will breathe life into the plan.

The executive summary should summarize all of the relevant points of the proposed venture and should be concise-no more than two pages.

A benefit is a descriptive fact about a product or service (e.g. ,"an ergonomically designed,more comfortable handle").

General requests for funds are likely to win approval.

Objectives are short-term,specific performance targets that are attainable,measurable,and controllable.

It is not necessary for the industry analysis to address the profitability of the businesses in the targeted market segment.

Potential investors tend to believe that if an entrepreneur can't develop a good plan:

Often,the presence or absence of a quality business plan is a determining factor in a lender or investor's decision to put money into a business venture.

Proving that a profitable market exists involves:

Lean startup is the process of rapidly developing simple prototypes to test key assumptions by engaging real customers.

Which financial forecast should be realistic?

What information should be included in the executive summary? Outline the main points.

You should identify your key people,explain their backgrounds and what they bring to the business,in:

The entrepreneur should begin the presentation with an explanation of the opportunity,the benefit to the investors,and what the new venture is.

The company's overall direction and answer to the question,"Where do I want the company to be in 3 to 5 years?" is answered in this section of the business plan.

Competitor's analysis should identify:

Investors look for which of the following when reviewing the experience of the management team of a new venture?

A description of the key factors that will dictate the success of your business quality,price competitiveness,etc.should be contained in the ________ section of the business plan.

Always tell the truth,even if it's bad news,in the business plan.