Exam 2: Mini Constructing a Successful Business Plan

Entrepreneurs must write their business plan before beginning their business.

Dwayne is seeking financial assistance for his business and needs to include a statement of funding requirements in the business plan. The statement of funding requirement should include all of the following EXCEPT ________.

What should a potential owner do BEFORE writing a business plan?

Robyn's business has an expiring patent that could negatively affect her ability to secure investors. In which section of the business plan should Robyn disclose the expiring patent information?

Denny is opening an antique business specializing in photography frames made before 1950. What research should Denny do for the sales and promotion section of his business plan?

Gabby could not include the sales and promotion section in her business plan because this was a brand new product without any customer feedback.

Zach plans to promote his fly fishing business through an aggressive Internet marketing campaign by utilizing search-engine optimization strategies. How should he incorporate the information in his business plan?

The executive summary is so crucial that if it does not meet a potential investor's expectation, he or she might stop reading the plan and discard it.

Which of the following points does the existence of a business plan demonstrate?

An exit strategy is often included in the financial section of a business plan.

The following are all components of a business plan EXCEPT ________.

When investors read an executive summary, they usually look for all of the following EXCEPT ________.

What should NOT be stated in the financials section of the business plan?

Which section contains an analysis of whether there will be enough customers to purchase the product in the future?

Information on personnel recruitment belongs in the management team section of the business plan.

You recently graduated from business school and you want to open up a small pizzeria in a large college town. There is a perfect space to lease for the pizzeria; however, a few doors down is a very well-established Italian restaurant that has been around since 1964. Their food has been legendary for all of those years. How would a market analysis help you decide if opening up the pizzeria near the restaurant would be a good idea or not?

The market analysis section is MOST often written before the sales and promotion section.

Which of the following provides the correct order for the below business plan sections? I. appendices II) the product III) the company and management team IV) sales and promotion

When writing a market analysis of your business plan, you should include all of the following EXCEPT ________.

Eva is planning to buy raw materials from an international supplier for her educational toy company. Where would she include this information in her business plan?