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Entrepreneurship Business Planning Quiz

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Questions and Answers

What is a business plan for entrepreneurs?

A game plan for managing the business successfully.

A systematic, realistic evaluation of a venture's chances for success in the market. (correct)

A strategic plan for a business that must be supplemented by operational plans once financing is secured.

A way to determine the principal risks facing the venture.

Which document summarizes the analysis done to justify a new business?

Financial statement

Pro forma

Cash budget

Business plan (correct)

How is a business plan developed?

Forces an entrepreneur to think a business idea through, considering both its positive and its negative aspects. (correct)

Through an intuitive process by which the entrepreneur records his/her plans for the business in the future.

Is a strategic plan for a business that must be supplemented by operational plans once financing is secured.

Focuses on the internal elements of the business.

What functions does a business plan perform?

Attracting capital for the start-up. Signup and view all the answers

What is one of the focuses of a business plan?

Outlining marketing strategies for the new product or service. Signup and view all the answers

What is the primary purpose of a business plan for entrepreneurs?

A systematic, realistic evaluation of a venture's chances for success in the market Signup and view all the answers

Which document becomes the summary of the analysis done to justify a new business?

Business plan Signup and view all the answers

How is a business plan typically developed by entrepreneurs?

By forcing an entrepreneur to think through a business idea, considering both positive and negative aspects Signup and view all the answers

Which function does a business plan NOT typically perform?

Identifying how many employees will be needed in the business start-up phase Signup and view all the answers

What is the primary focus of a business plan?

Focusing on the internal elements of the business Signup and view all the answers