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10. Business Plan Questions & Detailed Answers 2024
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10. Business Plan Questions & Detailed Answers 2024
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10. Business Plan Correct!!written document that defines the goals of your business and describes
how you will attain those goals - ANS>Business Plan
Reasons why you need a strong business plan (10) - ANS>1. Attract
investor
2. To see if your business ideas will work
3. To outline each area of the business
4. To set up milestones
5. To learn about the market
6. To secure additional funding or loas
7. To determine financial needs
8. To attract top level people
9. To monitor your business
10. To devise contingency plans
Types of business plans - ANS>1. Mini plan
2. Working Plan
3. Presentation Plan
has less emphasis on critical details, used to test assumptions, concept,
and measure the interest of potential investors - ANS>Mini Plan
, has almost total emphasis on details, used continuously to review
business operations and progress - ANS>Working plan
has emphasis on marketability of the business concept
used to give info about the business to bankers, venture capitalists and
other external resources - ANS>Presentation Plan
Essential components in Assembling a business plan (4) - ANS>1.
Overview of the business
2. Marketing Plan
3. Financial Management Plan
4. Operational and Management Plan
describes the business, including its products and services -
ANS>Overview of the business
describes target market for your product and explains how you will
reach that market - ANS>Marketing plan
details the cost associated with operating your business and explains
how you will pay for those costs, including the amount of financing you
may need - ANS>Financial Management Plan
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