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Crafting a Business Plan Quiz

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Questions and Answers

What is the main purpose of a business plan?

To provide an operation guide

To attract potential investors and lenders

To cover marketing, research and development, manufacturing, and management aspects

To describe the strategy and operations of the proposed venture (correct)

Which section of a business plan typically includes information about the company's management team and organizational structure?

Product Design and Development Plan

Marketing Plan

Financial Projections

Company Description (correct)

What should a good business plan address regarding customers?

Their favorite color

Their needs and wants that drive purchasing decisions (correct)

Where they go on vacation

Their hobbies and interests

Which element is NOT typically included in a business plan?

Human Resources Management Plan Signup and view all the answers

What is one of the benefits of having a well-crafted business plan?

Attracting potential investors and lenders Signup and view all the answers

Which part of a business plan focuses on providing insight into how the product or service will be designed and developed?

Product Design and Development Plan Signup and view all the answers

What is the purpose of a Feasibility Study?

To investigate and analyze a proposed business venture's viability Signup and view all the answers

Which factor is considered in the Competitive Test?

Company strength compared to competitors Signup and view all the answers

When does the Strategic Management process typically occur?

When a company has been existing for over five years Signup and view all the answers

What elements are considered in a Business Plan?

Estimation of earnings Signup and view all the answers

What is the main focus of the Value Test for entrepreneurs?

Proving quality of products or management skills Signup and view all the answers

What distinguishes a Feasibility Study from a Business Plan?

Timing in the entrepreneurial process Signup and view all the answers