Question 1

In the Lean Startup, author Eric Ries says that rather than wasting time creating elaborate business plans:

Accepted Answer

A)  Businesses should create a prototype to market their concept to investors. 
B)  Businesses should rely on potential stakeholders to collaborate on a business plan. 
C)  Businesses should be testing their vision continuously 
D)  Businesses should test market their concept internationally.

Question 2

All of the following websites offer outlines, instructions, and templates for developing a business plan, except:

Accepted Answer

A)  Canada Business Network 
B)  Canadian Bank Association 
C)  Business Development Bank of Canada 
D)  Industry Canada

Question 3

Although your operations plan should indicate your planned facilities, it is not necessary to detail the machinery and equipment that is required for your manufacturing process.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following components of a business plan will answer the question, "is there a need and demand?"?

Accepted Answer

A)  Executive summary 
B)  Market opportunity and competitive advantage 
C)  Goals and business strategy 
D)  Detailed financials

Question 5

A budget is generally included in the full business plan.

Accepted Answer

A) True 
 B)False

Question 6

The business planning process focuses on the:

Accepted Answer

A)  Present 
B)  Past 
C)  Future 
D)  Customers

Question 7

Contingency plans are not described in a business plan.

Accepted Answer

A) True 
 B)False

Question 8

Compare the business model canvas to the lean model canvas based on the elements of target, focus and customers.

Accepted Answer

The answer of Compare the business model canvas to the...

Question 9

Financial institutions are likely to read the executive summary of your business plan, and then skip directly to the section pertaining to:

Accepted Answer

A)  The competition 
B)  Financials 
C)  Competitive advantage 
D)  Incorporation

Question 10

Patents and trademark information should be described in the Production/Operations Plan.

Accepted Answer

A) True 
 B)False

Exam 5: Business Plans

In the Lean Startup, author Eric Ries says that rather than wasting time creating elaborate business plans:

All of the following websites offer outlines, instructions, and templates for developing a business plan, except:

Although your operations plan should indicate your planned facilities, it is not necessary to detail the machinery and equipment that is required for your manufacturing process.

Which of the following components of a business plan will answer the question, "is there a need and demand?"?

A budget is generally included in the full business plan.

The business planning process focuses on the:

Contingency plans are not described in a business plan.

Compare the business model canvas to the lean model canvas based on the elements of target, focus and customers.

Financial institutions are likely to read the executive summary of your business plan, and then skip directly to the section pertaining to:

Patents and trademark information should be described in the Production/Operations Plan.