Business Plan Module 1 Introduction Quiz
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Questions and Answers

What is the primary purpose of an effective business plan?

  • To convince readers that the new business is exciting and needs support (correct)
  • To outline the legal requirements for starting a new business
  • To provide a detailed history of the company's founding members
  • To present a comprehensive analysis of global market trends
  • What does an effective business plan need to clearly demonstrate?

  • The latest technological advancements in the industry
  • The personal background of the company's management team
  • The company's social media strategy
  • The cost and benefit analysis (correct)
  • What does the concept of a business plan aim to answer in advance?

  • Who will provide financial funding for the business
  • What the company's annual revenue target will be
  • Where the company wants to be located geographically
  • How the company plans to start its operations (correct)
  • What does the term 'business plan' refer to?

    <p>A roadmap detailing where the company is, where it wants to be, and how it will get there</p> Signup and view all the answers

    What does an effective business plan need to include details about?

    <p>The name of the company, description of products or services, target market, and business objectives</p> Signup and view all the answers

    What does an effective business plan need to answer in advance?

    <p>5Ws (What, Why, When, Where, Who) and 1 H (How) regarding the business</p> Signup and view all the answers

    What is the primary purpose of the executive summary in a business plan?

    <p>To provide a condensed but powerful summary of the entire business plan</p> Signup and view all the answers

    Who are the readers of a business plan according to the text?

    <p>Employees, investors, bakers, advisors, and consultants</p> Signup and view all the answers

    What is the role of a business plan for employees?

    <p>To articulate the vision and mission of the firm and guide employees in a consistent and purposeful manner</p> Signup and view all the answers

    What does the scope of a business plan refer to according to the text?

    <p>The target reader of the plan</p> Signup and view all the answers

    What is one of the components of a business plan mentioned in the text?

    <p>Competitive analysis</p> Signup and view all the answers

    What is NOT a significance of a business plan as mentioned in the text?

    <p>Internal communication within the organization</p> Signup and view all the answers

    What should an executive summary do according to the text?

    <p>Briefly describe the company, product or service, and unique opportunity offered by the company</p> Signup and view all the answers

    'Create a new business (roadmap of business)' - What does this signify?

    <p>'Creating a new business' involves developing a detailed and actionable plan for launching a new venture</p> Signup and view all the answers

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