Create Your Business Plan

Create Your Business Plan

A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues. The following information is taken from the Small Business Administration (SBA) website. It details the sections that should be included in a Business Plan. Based upon the descriptions of the sections provided, answer the questions that come after by choosing the most appropriate section that would contain the information provided.

Information found at: http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/writing-business-plan

Executive Summary

Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals. Read these tips about what to include.

Company Description

Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.

Market Analysis

Before launching your business, it is essential for you to research your business industry, market and competitors.

Organization & Management

Every business is structured differently. Find out the best organization and management structure for your business.

Service or Product Line

What do you sell? How does it benefit your customers? What is the product lifecycle? Get tips on how to tell the story about your product or service.

Marketing & Sales

How do you plan to market your business? What is your sales strategy? Read more about how to include this information in your plan.

Funding Request

If you are seeking funding for your business, find out about the necessary information you should include in your plan.

Financial Projections

If you need funding, providing financial projections to back up your request is critical. Find out what information you need to include in your financial projections for your small business.

Appendix

An appendix is optional, but a useful place to include information such as resumes, permits and leases. Find additional information you should include in your appendix.

1.  A business intends to be opened as a sole proprietorship, in which section would this information be found
A.  Service or Product Line / B. Marketing & Sales / C. Company Description / D. Organization & Management
2.  A companies SWOT analysis would be found in what section?
A.  Market Analysis / B. Executive Summary / C. Appendix / D. Funding Request
3.  The details of how much your company expects to earn (generate) will be found in what section?
A. Funding Request / B. Financial Projections / C. Appendix / D. Market Analysis
4.  “The purpose of our company is to provide exceptional cleaning services in the event of catastrophic damage by smoke, water, wind or other natural occurrence.” Is a phrase that would best be found in what section?
A.  Funding Request / B. Market Analysis / C. Executive Summary / D. Appendix
5.  A detailed list of the products and or services that your company will offer is best found in what section?
A.  Organization and Management / B. Service or Product Line / C. Market Analysis / D. Company Description
6.  The applications for the licenses you will need to open your business would best be placed in what section?
A.  Service or Product Line / B. Appendix / C. Executive Summary / D. Organization & Management
7.  Your company plans to donate a duplicate item (for every item purchased) to charity as a way to give back to the community. This information is best placed in which category?
A.  Executive Summary / B. Marketing & Sales / C. Financial Projections / D. A, B , and C
8.  You plan to open an ice cream shop. The area in which you want to open the shop currently does not have an ice cream shop within a 5 mile radius. This information is best placed in what section?
A.  Executive Summary / B. Appendix / C. Market Analysis / D. Service or Product Line
9.  Your business will need to raise approximately $50,000 to start up and operate within the first year. This information is best placed in what section?
A.  Funding
Request / B. Financial Projections / C. Marketing and Sales / D. Executive Summary
10. The key to your business generating customers will be a regular monthly sale to clear out excess inventory. This information is best placed within what section?
A.  Marketing &
Sales / B.  Service or
Product Line / C. Company
Description / D. Executive
Summary
11. Being an entrepreneur involves taking risks. Which of the following is a risk that an entrepreneur must take?
A.  Uncertain Income / B. Uncertain Working Hours / C. Product & Service Liability / D. All items A, B, and C
12. When an entrepreneur is successful, research has shown that he or she possesses certain characteristics. Which of the following is a characteristic of a successful entrepreneur?
A.  Persistent / B. Self-Confident / C. Enthusiastic / D. All items A, B, and C
13. A successful entrepreneur who donates his/her services to a disaster relief effort (even at a monetary loss to the business) is demonstrating good?
A.  Fiscal
Responsibility / B. Community
Relations / C. Business
Planning / D. Product
Management
14. The ability of an entrepreneur to make it through a tough economic time would be an example of his or her?
A.  Marketing Strategy / B. Positive Attitude / C. Resiliency / D. Business
Plan
15. A successful entrepreneur with limited resources, who is faced with a choice between two opportunities, will?
A.  Choose one or the other / B. Take time off to
research a plan
for both / C. Choose neither
and stick to his
established
business / D. Ask another person to decide for him/her
16. Anything of value that is given to customer in addition to his or her goods and services is considered a?
A. Donation / B. Premium / C. Rebate / D. Contract
17. When businesses target their goods and services to specific groups based upon their personalities, opinions, and life style elements these targeted characteristics are known as?
A.Market Research / B. Demographics / C. Ethnography / D. Sales data
18. Businesses that advertise by sending information directly to your house, are using a strategy known as?
A. Couponing / B. Transit Service / C. Direct Mail / D. Personal Sale
19. When a portion of a customer’s purchase price is returned to them, it is referred to as a?
A. Rebate / B. Sample / C. Premium / D. Donation
20.  The typical method of retail operation used by supermarkets and catalog showrooms is called?
A. E-tailing / B. Franchise / C. Automated
Retail / D. Self-Serve
Retailing
21. A major disadvantage of a sole proprietorship is?
a. Financial / b. Loss of freedom / c. Limited marketing / d. Creative license
22. A business that operates under a board of directors and pays out dividends is a?
a. Partnership / b. Sole proprietor / c. Limited
Partnership / d. Corporation
23. A type of partnership where two companies join to complete a specific project ?
a. Joint venture / b. Strategic alliance / c. LLC / d. Non-profit Corp
24. Partners that have unlimited liability and take full responsibility for management of the business are?
a. General partners / b. Limited Partners / c. Executives / d. Investors
25. When comparing a sole-proprietorship to a corporation, a major difference is found in the businesses response to?
a. profits / b. marketing / c. liability / d. employment