CHAPTER 8
typically the ___________________________ is combined with the title page or starts the second page of the plan packet
table of contents
The business plan consist of: •cover letter •title page •___________________________ •executive summary •the company (company description, product and industry descriptions) •the market (market/target customer, competition/competitive advantage, and market strategy) •the organization • the financials (sources and uses of funds, & statements) •the appendix (forecast of statements) •detailed specifics of work
table of contents
the goal for this section is to convince the reader that the business will be successful b/c it has access to high-quality people both within the firm and within the larger business community
the organization
a vision statement is a very simple 5- to _____-word sentence or tagline that expresses the fundamental idea or goal of the firm.
10
An elevator pitch is a 30-second (_________ or less) action-oriented description of a business designed to sell the idea of the business to another.
100 words
50% of all venture capital deals and 20-___% of all angel deals nationally come from California
25
A one- to two-page (_____ -500 words) overview of the business, its business model, market, expectations, and immediate goals. It is typically put at the start of a business plan and is the most popular summary form for a business plan.
250
business plan
A document designed to detail the major characteristics of a firm—its product or service, its industry, its market, its manner of operating (production, marketing, management), and its financial outcomes on the firm's present and future.
executive summary
A one- to two-page (250-500 words) overview of the business, its business model, market, expectations, and immediate goals. It is typically put at the start of a business plan and is the most popular summary form for a business plan.
cover letter
A one-page document on business stationery (also called letterhead ) that introduces the business plan and the business owner to the recipient and indicates why the recipient is being asked to read the plan.
mission statement
A paragraph that describes the firm's goals and competitive advantages • have fallen out of favor as they have become too much like one another and too full of business jargon •as a result, many small businesses drop the mission statement
proprietary technology
A product or service or an aspect of one that is kept as a trade secret or is protected legally using patent, copyright, trademark, or service mark.
signature block
A snippet of text (or text and images), typically inserted at the bottom of an email, that contains contact information for the sender of the email.
vision statement
A very simple 5- to 10-word sentence or *tagline* that expresses the fundamental idea or goal of the firm.
micro-commitment
An online action that is quick and easy to make and connects you to the message, but does not require a substantial personal or financial commitment, such a liking or favoriting a post or reposting it to your own social media account.
data room
An online repository (e.g., Dropbox, Box, ShareVault) for the documentation that backs up and details the specifics of your business and business plan. The contents of the data room are very similar to those of the three-ring-binder personal edition of the plan held and used by the founder.
preselling
Involves introducing your future product to potential customers and taking orders for later delivery.
tagline
Memorable catchphrase that captures the key idea of a business, its service, product, or customer (also known as a slogan). • good way to present vision statements b/c they are brief and memorable
external legitimacy
The extent to which a small business is taken for granted, accepted, or treated as viable by organizations or people outside the small business or the owner's family.
internal understanding
The extent to which employees, investors, and family members involved in the business know the business's purposes and operations.
pitch deck
The name of a slideshow presentation that summarizes a business or more often a business plan.
due diligence
The process of investigating a business to determine its value and potential for investment.
storytelling arcs
There are several classic structures to stories, such as beginning, middle, and end, or a multiple-step journey, or a situation-complication-resolution.
traction
Those characteristics of your business that show it is making progress, such as making sales, recruiting customers, being sold in more locations, or achieving milestones that reflect a firm's growth or development.
the ______________ includes financial statements such as: • income statement • cash flow • balance sheet
appendixes
a good market strategy section focuses on three ideas: •the overall strategy your firm pursues in the market •the sales plan that shows the specific ways you _________strategy to secure sales from you customers •the longer-term competitive plan that shows how to protect the firm
apply
an elevator pitch has four success factors: •hook •solution •support •____________
ask
an elevator pitch's _____ can be: •a request to purchase •an offer to tell more about your business •a follow-up meeting •a referral •how you can help the listener there are two goals: •micro-commitment •builder your network
ask
The ____________________ consist of: •cover letter •title page •table of contents •executive summary •the company (company description, product and industry descriptions) •the market (market/target customer, competition/competitive advantage, and market strategy) •the organization • the financials (sources and uses of funds, & statements) •the appendix (forecast of statements) •detailed specifics of work
business plan
the four types of business planning presentations are • vision statements •elevator pitches •executive summaries •__________________________
business plans
executive summaries typically cover 5 key topics: •problem •product •market •competitive advantages •_______________________ •financial summary
business/team
for an existing business, the history of the business is briefly covered here
company description
title page typically contains: •__________________________ •contact information •date this version of the plan was completed •proprietary statement to protect your ideas
company name
A mission statement is a paragraph that describes the firm's goals and ____________________
competitive advantages
executive summaries typically cover 5 key topics: •problem •product •market •______________________ •business/team •financial summary
competitive advantages
the goal of an elevator pitch is to start a ___________
connection
title page typically contains: •company name •___________________ •date this version of the plan was completed •proprietary statement to protect your ideas
contact information
The business plan consist of: •__________________ •title page •table of contents •executive summary •the company (company description, product and industry descriptions) •the market (market/target customer, competition/competitive advantage, and market strategy) •the organization • the financials (sources and uses of funds, & statements) •the appendix (forecast of statements) •detailed specifics of work
cover letter
also called letterhead
cover letter
title page typically contains: •company name •contact information •_________ this version of the plan was completed •proprietary statement to protect your ideas
date
The business plan consist of: •cover letter •title page •table of contents •executive summary •the company (company description, product and industry descriptions) •the market (market/target customer, competition/competitive advantage, and market strategy) •the organization • the financials (sources and uses of funds, & statements) •the appendix (forecast of statements) •_____________________ of work
detailed specifics
the goal of an ________________ is to start a connection
elevator pitch
the four types of business planning presentations are • vision statements •_________________________ •executive summaries • business plans
elevator pitches
_____________________ typically cover 5 key topics: •problem •product •market •competitive advantages •business/team •financial summary
executive summaries
the four types of business planning presentations are • vision statements •elevator pitches •_______________________ • business plans
executive summaries
The business plan consist of: •cover letter •title page •table of contents •___________________________ •the company (company description, product and industry descriptions) •the market (market/target customer, competition/competitive advantage, and market strategy) •the organization • the financials (sources and uses of funds, & statements) •the appendix (forecast of statements) •detailed specifics of work
executive summary
it is common to come back and revise the ________________ as your thinking changes, so it is the first and also the last item you will edit in your plan
executive summary
executive summaries typically cover 5 key topics: •problem •product •market •competitive advantages •business/team •________________
financial summary
the one-page ______________ section starts with a paragraph showing the overall financial results in sales and profits; it's followed by the ask which is what you are seeking from others, the use of the investment funds, and the projected returns
financial summary
it is common to come back and revise the executive summary as your thinking changes, so it is the ______ and also the last item you will edit in your plan
first
The business plan consist of: •cover letter •title page •table of contents •executive summary •the company (company description, product and industry descriptions) •the market (market/target customer, competition/competitive advantage, and market strategy) •the organization • the financials (sources and uses of funds, & statements) •the appendix (______________ of statements) •detailed specifics of work
forecast
an elevator pitch has _____ success factors: •hook •solution •support •ask
four
the ______ types of business planning presentations are • vision statements •elevator pitches •executive summaries • business plans
four
A mission statement is a paragraph that describes the firm's ________ and competitive advantages
goals
an elevator pitch solution focuses on how you can make the customer ________ or what you can do for them
happy
an elevator pitch ____________ describes a problem you or the listener would face in a way that people would remember and take to heart
hook
an elevator pitch has four success factors: •________ •solution •support •ask
hook
virtually all industries with the possible exceptions of app-making and __________firms, a business plan is needed
internet
it is common to come back and revise the executive summary as your thinking changes, so it is the first and also the ____ item you will edit in your plan
last
executive summaries typically cover 5 key topics: •problem •product •______________ •competitive advantages •business/team •financial summary
market
the second most important part of the business plan is its _______________
market
a good ___________________ section focuses on three ideas: •the overall strategy your firm pursues in the market •the sales plan that shows the specific ways you apply strategy to secure sales from you customers •the longer-term competitive plan that shows how to protect the firm
market strategy
an elevator pitch's ask can be: •a request to purchase •an offer to tell more about your business •a follow-up meeting •a referral •how you can help the listener there are two goals: •___________________________ •builder your network
micro-commitment
the one-page financial summary section starts with a paragraph showing the overall financial results in sales and profits; it's followed by "__________" which is what you are seeking from others, the use of the investment funds, and the projected returns
the ask
The business plan consist of: •cover letter •title page •table of contents •executive summary •__________________________ (company description, product and industry descriptions) •the market (market/target customer, competition/competitive advantage, and market strategy) •the organization • the financials (sources and uses of funds, & statements) •the appendix (forecast of statements) •detailed specifics of work
the company
The business plan consist of: •cover letter •title page •table of contents •executive summary •the company (company description, product and industry descriptions) •________________ (market/target customer, competition/competitive advantage, and market strategy) •the organization • the financials (sources and uses of funds, & statements) •the appendix (forecast of statements) •detailed specifics of work
the market
when you are going into an imitative business, your business plan might be _____________
shortened
An elevator pitch is a ___-second (100 words or less) action-oriented description of a business designed to sell the idea of the business to another.
30
___% of all venture capital deals and 20-25% of all angel deals nationally come from California
50
elevator pitch
A 30-second (100 words or less) action-oriented description of a business designed to sell the idea of the business to another.
A one- to two-page (250-500 words) overview of the business, its business model, market, expectations, and immediate goals. It is typically put at the start of a business plan and is the _______________ summary form for a business plan.
most popular
if your firm has acquired licenses or certifications they are mentioned here in the ____________________________________section
organizational structure
a vision statement is a very simple 5- to 10-word sentence or _________that expresses the fundamental idea or goal of the firm
tagline
____________in the financial summary talks about how much money is needed and how the funds will be used
the ask
the ____________________ most often starts with a description of the problem (pain) you are trying to solve or the benefits you're hoping to deliver to the customer (gain)
value proposition
the most important section of the plan b/c it is where readers come to understand what your business is all about- the product or service
value proposition
the four types of business planning presentations are • ______________________ •elevator pitches •executive summaries • business plans
vision statements
an elevator pitch has four success factors: •hook •solution •________________ •ask
support
an elevator pitch hook describes a __________ you or the listener would face in a way that people would remember and take to heart
problem
executive summaries typically cover 5 key topics: •______________ •product •market •competitive advantages •business/team •financial summary
problem
executive summaries typically cover 5 key topics: •problem •______________ •market •competitive advantages •business/team •financial summary
product
"This document contains confidential and ________________ information belonging exclusively to [your company's name goes here]. Do not fax, scan, copy, reproduce, or distribute without permission."
proprietary
a good market strategy section focuses on three ideas: •the overall strategy your firm pursues in the market •the sales plan that shows the specific ways you apply strategy to secure sales from you customers •the longer-term competitive plan that shows how to ____________the firm
protect
title page typically contains: •company name •contact information •date this version of the plan was completed •proprietary statement to ________your ideas
protect
an elevator pitch's ask can be: •a request to purchase •an offer to tell more about your business •a follow-up meeting •a _____________ •how you can help the listener there are two goals: •micro-commitment •builder your network
referral
typically the table of contents is combined with the title page or starts the _____________ page of the plan packet
second
an elevator pitch ____________ focuses on how you can make the customer happy or what you can do for them
solution
an elevator pitch has four success factors: •hook •____________ •support •ask
solution
a good market strategy section focuses on three ideas: •the overall ___________your firm pursues in the market •the sales plan that shows the specific ways you apply strategy to secure sales from you customers •the longer-term competitive plan that shows how to protect the firm
strategy
an elevator pitch __________ line proves to your listener that your solution is worthwhile •traction with customers is often the best
support
The business plan consist of: •cover letter •________________________ •table of contents •executive summary •the company (company description, product and industry descriptions) •the market (market/target customer, competition/competitive advantage, and market strategy) •the organization • the financials (sources and uses of funds, & statements) •the appendix (forecast of statements) •detailed specifics of work
title page
_______________ typically contains: •company name •contact information •date this version of the plan was completed •proprietary statement to protect your ideas
title page
a securities disclaimer might also be included on the _____________
title page
typically the table of contents is combined with the ______________ or starts the second page of the plan packet
title page
an elevator pitch support line proves to your listener that your solution is worthwhile •__________ with customers is often the best
traction