12 Questions
What is the main purpose of an Executive Summary in a business plan?
To summarize the key points of the business plan
What role does the Small Business Administration (SBA) serve?
Help individuals start, build, and grow businesses
What is the purpose of Trade Associations in the business world?
Connect professionals in a specific industry
What does a Harvest Strategy refer to in the context of a business?
The process of extracting money from a business after it is successful
Which document provides management assistance to current small business owners?
Small Business Development Centers (SBDC)
What is the main function of a Pro Forma Financial Statement?
Creating financial forecasts based on projections
What is the term used to describe a group of customers within a large market who share common characteristics?
Market segments
Which type of data describes a group of people in terms of their taste, opinions, personality traits, and lifestyle habits?
Psychographics
What is the goal of a new marketing trend that focuses on understanding customers as individuals instead of as part of a group?
Customer relationship management
Which type of businesses make most of their money selling the same or similar products to the same market as other businesses?
Direct competition
What kind of documents are usually included in the appendix section of a business plan?
Recommendations, tax returns, personal finance statements
Which term refers to data that help a business determine where its potential customers live and how far they will travel?
Geographic data
Test your knowledge on key components of a business plan including cover letters, executive summaries, harvest strategies, and pro forma financial statements.
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