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Questions and Answers
What is the first major part of a business plan according to the text?
What is the first major part of a business plan according to the text?
Which part of the business plan typically includes the description of the proposed business name and address?
Which part of the business plan typically includes the description of the proposed business name and address?
In a business plan, which section would discuss the global, social, and industry analysis?
In a business plan, which section would discuss the global, social, and industry analysis?
Which part of the business plan outlines the vision, mission, goals, and objectives of the business?
Which part of the business plan outlines the vision, mission, goals, and objectives of the business?
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Where would you find details about the funding requirements and sources in a typical business plan?
Where would you find details about the funding requirements and sources in a typical business plan?
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Which section of the business plan specifies the form of business organization and roles and responsibilities?
Which section of the business plan specifies the form of business organization and roles and responsibilities?
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What is the purpose of a Feasibility Study in the context of a Business Plan?
What is the purpose of a Feasibility Study in the context of a Business Plan?
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Which section of a Business Plan typically includes information about suppliers, materials requisition procedures, and inventory control systems?
Which section of a Business Plan typically includes information about suppliers, materials requisition procedures, and inventory control systems?
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In a Business Plan, which financial statement provides a snapshot of a company's financial position at a specific point in time?
In a Business Plan, which financial statement provides a snapshot of a company's financial position at a specific point in time?
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What is the function of the Production Plan in a Business Plan?
What is the function of the Production Plan in a Business Plan?
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Which section of a Business Plan deals with aspects like product, place, price, promotion, people, packaging, and positioning?
Which section of a Business Plan deals with aspects like product, place, price, promotion, people, packaging, and positioning?
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What should the proposed name of a business reflect according to the text?
What should the proposed name of a business reflect according to the text?
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What factor/s should be considered when selecting the location of a business?
What factor/s should be considered when selecting the location of a business?
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Which of the following should be included in the funding requirement section of a business plan?
Which of the following should be included in the funding requirement section of a business plan?
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What should an Executive Summary NOT do?
What should an Executive Summary NOT do?
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Which section of the Executive Summary embodies the fundamental characteristics and identity of the business?
Which section of the Executive Summary embodies the fundamental characteristics and identity of the business?
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What source/s of funds should be mentioned in a business plan's funding requirements section?
What source/s of funds should be mentioned in a business plan's funding requirements section?
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Why is it important for a business to consider the peace and order situation when selecting a location?
Why is it important for a business to consider the peace and order situation when selecting a location?
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What is the purpose of reviewing and revisiting the business model every three years?
What is the purpose of reviewing and revisiting the business model every three years?
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What does the business model define in terms of achieving VMGO?
What does the business model define in terms of achieving VMGO?
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Why must the business model reflect certain innovations?
Why must the business model reflect certain innovations?
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What importance does the business model place on relations with customers, creditors, suppliers, and internal human resources?
What importance does the business model place on relations with customers, creditors, suppliers, and internal human resources?
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Why does the business model need to convince readers of a competitive advantage?
Why does the business model need to convince readers of a competitive advantage?
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What do wealth and improvement approaches describe?
What do wealth and improvement approaches describe?
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What is the purpose of including a discussion on marketing policies and financial operations in a business plan?
What is the purpose of including a discussion on marketing policies and financial operations in a business plan?
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In the context of a business plan, what does an 'Executive Summary' typically describe?
In the context of a business plan, what does an 'Executive Summary' typically describe?
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What does an 'Environmental Analysis' in a business plan focus on?
What does an 'Environmental Analysis' in a business plan focus on?
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Which section of a business plan is considered the 'heart' of the plan?
Which section of a business plan is considered the 'heart' of the plan?
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What information must be included in the 'Business Description' section of a business plan?
What information must be included in the 'Business Description' section of a business plan?
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What does an 'Organizational Plan' provide a detailed description of in a business plan?
What does an 'Organizational Plan' provide a detailed description of in a business plan?
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Study Notes
Business Plan Components
- The first major part of a business plan is the Executive Summary
- The Business Description section typically includes the description of the proposed business name and address
- The Environmental Analysis section discusses the global, social, and industry analysis
- The Business Description section outlines the vision, mission, goals, and objectives of the business
- The Funding Requirements section provides details about the funding requirements and sources
- The Organizational Plan section specifies the form of business organization and roles and responsibilities
Feasibility Study
- The purpose of a Feasibility Study is to determine the viability of a business idea
Operations Plan
- The Operations Plan section typically includes information about suppliers, materials requisition procedures, and inventory control systems
Financial Statements
- The Balance Sheet provides a snapshot of a company's financial position at a specific point in time
Production Plan
- The function of the Production Plan is to outline how the business will produce its products or services
Marketing Plan
- The Marketing Plan section deals with aspects like product, place, price, promotion, people, packaging, and positioning
Business Name and Location
- The proposed name of a business should reflect the business's identity and purpose
- Factors to consider when selecting a location include peace and order situation
Funding Requirements
- The funding requirements section should include information about the amount of funding required, sources of funding, and repayment plans
Executive Summary
- The Executive Summary should not exceed one to two pages
- The Business Description section embodies the fundamental characteristics and identity of the business
- Sources of funds that should be mentioned in the funding requirements section include investors, loans, and grants
Business Model
- The purpose of reviewing and revisiting the business model every three years is to ensure it remains relevant and competitive
- The business model defines how the business will achieve its vision, mission, goals, and objectives
- The business model must reflect certain innovations to stay competitive
- The business model places importance on relations with customers, creditors, suppliers, and internal human resources
- The business model needs to convince readers of a competitive advantage
- Wealth and improvement approaches describe how the business will create value and improve over time
Business Plan Purpose
- The purpose of including a discussion on marketing policies and financial operations in a business plan is to provide a comprehensive overview of the business
- The Executive Summary typically describes the business's identity, purpose, and goals
- An Environmental Analysis in a business plan focuses on the external environment in which the business will operate
- The Business Description section is considered the 'heart' of the plan
- The Business Description section must include information about the business's vision, mission, goals, and objectives
- The Organizational Plan provides a detailed description of the business's management structure and roles
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Description
This quiz tests your knowledge on the factors to be considered when selecting the location for a business. It covers aspects like proximity to target customers, availability of raw materials, transportation, competition, and funding requirements.
