Entrepreneurial Planning Process and Types of Plans Quiz
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Questions and Answers

Which of the following is NOT included in a concept statement?

  • Features of the product or service
  • Target market
  • Financial projections (correct)
  • Potential problems

    • What is the purpose of a pitch deck?

  • To create a formal business plan
  • To analyze the industry
  • To present to potential investors (correct)
  • To gain customer insight

    • Why is it important to research the industry?

  • To identify competition (correct)
  • To create financial projections
  • To find potential customers
  • To develop a concept statement

    • What is the value of writing a formal business plan?

    <p>It can be debated</p> Signup and view all the answers

    What is the recommended approach when it comes to planning documents?

    <p>Avoid analysis to paralysis</p> Signup and view all the answers

    What should entrepreneurs prioritize over writing planning documents?

    <p>Gaining customer insight</p> Signup and view all the answers

    What is the purpose of a pitch deck?

    <p>To present to potential investors</p> Signup and view all the answers

    Why is it important to research the industry?

    <p>To identify competition</p> Signup and view all the answers

    What is the value of writing a formal business plan?

    <p>It can be debated</p> Signup and view all the answers

    What is the recommended approach when it comes to planning documents?

    <p>Avoid analysis to paralysis</p> Signup and view all the answers

    What should entrepreneurs prioritize over writing planning documents?

    <p>Gaining customer insight</p> Signup and view all the answers

    Which type of plan is often called the 'launch plan' and is used to get next meetings with potential investors, apply to incubator programs, win competitions, and secure funding?

    <p>Pitch Deck</p> Signup and view all the answers

    What is the purpose of a business model canvas?

    <p>To visualize how all parts of the business work together</p> Signup and view all the answers

    Which plan type is a tool that allows entrepreneurs to assess if they have the time, energy, abilities, and resources for their business idea?

    <p>Feasibility Study</p> Signup and view all the answers

    Which plan type is a concise, professional document that is 2-3 pages in length and is used with investors, advisors, and other stakeholders?

    <p>Business Brief</p> Signup and view all the answers

    Which plan type is the most formal planning document that is required by traditional investors and bankers?

    <p>Business Plan</p> Signup and view all the answers

    What is the main focus of a feasibility study?

    <p>Assessing the size of the market and the skills of the entrepreneur</p> Signup and view all the answers

    What is the main purpose of a pitch deck?

    <p>To secure funding and get next meetings with potential investors</p> Signup and view all the answers

    What is the recommended length for a business brief?

    <p>2-3 pages</p> Signup and view all the answers

    What is the recommended length for a pitch deck?

    <p>10-20 slides</p> Signup and view all the answers

    What should entrepreneurs focus on when writing a business plan?

    <p>Explaining how the product or service will be delivered</p> Signup and view all the answers

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