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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?
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?
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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?
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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?
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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?
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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?
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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?
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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?
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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?
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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?
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What does the business model define in terms of achieving VMGO?
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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?
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Why does the business model need to convince readers of a competitive advantage?
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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?
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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?
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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?
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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.
