Exam 7: The Business Plan: Creating and Starting the Venture

Explain the purpose and content of the executive summary of the business plan. 

Within the business plan,the description of venture section details how the product(s)will be manufactured. 

________ are good sources of information for financial and industry operating ratios. 

Typically,business plan projections are made in a 36-month schedule. 

Investors often place more emphasis on the entrepreneur's ________ than lenders do. 

What types of information might an entrepreneur needs in regards to manufacturing operations  

Before writing the business plan,an entrepreneur should conduct an objective self-assessment of his or her abilities,including areas such as planning skills and sales skills. 

Even before beginning a quick feasibility study on a new venture,the entrepreneur should clearly define the goals and objectives of the venture.Why are the goals and objectives so important What attributes should these goals and objectives have

_______ identifies potential hazards and alternative strategies to meet business plan goals and objectives. 

It is recommended that an entrepreneur avoid using the Internet as a resource for finding information to write a business plan because the information found there is often incorrect and unreliable. 

Identify five of the nine skill areas an entrepreneur should review in order to determine whether or not they need help writing parts of the business plan. 

If a venture is not a manufacturing firm,an operations plan is not necessary. 

The digital age is only relevant to new ventures if they sell items online. 

The part of the plan that describes the location and size of the business,the personnel and office equipment that will be needed,and the history of the venture is called the: 

List some of the advantages of using the Internet as a resource tool. 

Keep the goals and objectives as general as possible to make the business plan easier to control and implement. 

Discussing an exit strategy in the executive summary is not a good idea under any circumstances. 

To maintain objectivity,the business plan should not be written by the entrepreneur. 

The executive summary section should: 

Standard & Poor's and the U.S.government are good sources of industry and market data.