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 (A)</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 (C)</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 (B)</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 (C)</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 (D)</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 (C)</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 (C)</p> Signup and view all the answers

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

<p>Competitive analysis (D)</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 (C)</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 (A)</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 (C)</p> Signup and view all the answers

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