Chapter Six Assignment

A ________________ is a document that outlines the basic concept of a business and a course of action that will make that business a reality.

Business Plan

The best description of business model risk is:

How changing circumstances may affect the business and how the business model can be adjusted to cope with them.

According to Frank Moyes, a successful entrepreneur and former teacher at the University of Colorado, the most important reason for business planning is that:

It requires the entrepreneur to get the answers to some difficult questions.

_______________________ specify the hard assets and working capital a firm will need to achieve its mission.

Key Resource Requirements

A/n _________________ identifies the nature and types of income expected to come into the firm from the sale of products and services.

Revenue Model

Which of the following statements most accurately describes the relationship between planning and doing in a business?

They are both important and must be balanced intelligently.

Which of the following statements is the most accurate concerning personal factors in a business?

A business should align with its owner's personal goals.

The best guide to use when deciding how long and detailed a plan should be is:

Write the plan in accordance with what the particular audience will find helpful.