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Questions and Answers
What is the primary purpose of a feasibility study in business planning?
What is the primary purpose of a feasibility study in business planning?
- To analyze the market and its demands
- To request funding and resources for a project
- To determine if a business idea is viable and worth pursuing (correct)
- To outline the business strategy and goals
Which document serves as a preliminary introduction to a project, outlining its key points and objectives?
Which document serves as a preliminary introduction to a project, outlining its key points and objectives?
- Business Plan
- Project Proposal
- Concept Paper (correct)
- Feasibility Study
What is a critical component of a project proposal?
What is a critical component of a project proposal?
- An outline of the project's objectives, scope, timeline, and budget (correct)
- A personal resource evaluation
- A comprehensive business strategy
- A detailed analysis of the competition
What is the first step in preparing a business plan?
What is the first step in preparing a business plan?
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Which plan focuses on the structure and distribution of responsibilities within a business?
Which plan focuses on the structure and distribution of responsibilities within a business?
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Study Notes
Types of Business Plans
- Feasibility Study: Analyzes the viability of a business idea, assessing its potential for success before full-scale development.
- Concept Paper: A brief document summarizing the essential aspects of a project or proposal, providing preliminary insights into objectives and key points.
- Project Proposal: A formal document delineating a planned project; includes objectives, scope, timeline, and budget; often used to secure funding or approvals.
- Business Plan: A detailed document that defines the business strategy and goals; acts as a roadmap for growth and development.
Steps in Preparing a Business Plan
- Evaluate personal resources, interests, community skills, and available raw materials; create a business name that clearly conveys the product or service, ensuring it is memorable and easy to spell.
- Conduct market analysis or surveys to understand the target audience and demand.
- Select an appropriate location for the business to optimize accessibility and operational efficiency.
- Develop a financial plan to outline projected income, expenses, and funding sources.
- Create a production plan detailing the process of bringing the product or service to market.
- Formulate an organizational plan that defines roles, responsibilities, and structure within the business.
- Establish a management plan to outline governance, decision-making processes, and operational control.
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