Sm Bus Management - Chap 8

In the context of the mechanics of pitching, which of the following is a true statement?

An entrepreneur presenting a pitch deck should use his or her own laptop or tablet.

________ are the parts of a business or business plan that expose the firm to any kind of loss.

Blank 1: Risks

The ______ and ______ section is the second most important section of the business plan, because it describes who will buy the firm's product or service.

market; target customer

A ______ is the name given to the formal presentation of the business plan given before judges or potential investors or partners.

pitch

A business plan's ______ are a listing of the major plan's headings and sections along with the page number.

table of contents

Selling a product or service in a limited area, for a limited time is called ______.

test marketing

True or false: In the context of storytelling arcs, the greater time available to a firm owner when pitching means he or she can engage prospective clients in telling more of a tale about how he or she recognized and solved a problem.

True

The ______ refers to an online repository for the documentation that back ups and details the specifics of the firm's business plan. Multiple choice question.

data room

A(n) ______ business plan is written after the business has been established.

existing

Which of the following is generally included in a business plan's table of contents? (Check all that apply.)

Minor sections within each major section. Page numbers for each section. Major section headings.

The ______ section starts with a paragraph showing the overall financial results in sales and profits.

financial summary

Which of the following statements regarding business risks are correct? (Check all that apply.)

Examples of risks include wrong numbers, an inadequate cash cushion, and uncertainty of sales. Each business has risks that are specific to it. How risks are assessed is common among businesses.

Which of the following statements about a company description are correct? (Check all that apply.)

It will include a firm's most recent milestones that have been achieved. In the case of an existing business, it may include its history. One will read a brief description of the business, e.g., age, current status, location, and the markets it plans to serve.

Which of the following is a disadvantage of being a new entrant business?

Proving that a product or service works is harder in a new market.

The ______ provides the reader with the vision or tagline and a brief description of the business in about a paragraph.

company description

A(n) ______ is a simple 5- to 10-word statement that expresses the fundamental idea or goal of a firm.

vision statement

The ______ section describes the components and supports available for a firm.

organization

Which of the following are true of an elevator pitch? (Check all that apply.)

It has four success factors: hook, solution, support, and ask. It is used when someone asks for more detail after hearing a concept.

Which of the following statements about the market section are correct? (Check all that apply.)

These market section also covers ways it is organized and the channels. The market refers to the total population of customers that will buy your product/service. Data that is provided by professional, trade or industry associations can be used in writing this section.

Which of the following are true of screening plans? (Check all that apply.)

They usually consist of the cover letter, title page, executive summary, and financials sections of a business plan. They can be a useful way for a firm to enter into the planning process.

A(n) ______ is a one- to two-page overview of the business, its business model, market, expectations, and immediate goals.

executive summary

Where is the company name, contact information, and version date are found in a business plan?

The title page.

The electronic version of a three-ring binder is called a ___________ room.

data

A(n) ______ business is one who product or service is new to the industry or is itself creating a new industry.

pioneering

The goal of the appendixes section of a firm's business plan is to ______.

provide the most important supporting information that helps explain the significant selling points of the firm's plan

Which of the following slide categories are included in a pitch deck? (Check all that apply.)

Team slide Why Now slide

A(n) ______, also called a mini-plan, gives the basic overview of a firm and a detailed look at the firm's financials.

screening plan

A vision statement is a

simple 5 to 10 word statement that expresses the fundamental idea or goal of the firm.

Which of the following statements are true of a key employee/partner plan? (Check all that apply.)

It comprises the critical risks and the market sections of a regular business plan. It includes all the materials of an informational plan.

Which of the following statement about business plans are correct? (Check all that apply.)

It details the firm's product or service, industry, market, operations, and financial outcomes. It is a document designed to detail the major characteristics of a firm. An important reason to create one is to gain external legitimacy.

Which of the following statements regarding the organization section of the business plan are correct? (Check all that apply.)

It has to communicate to the reader that the firm is structured to make the best use of both the internal and external people. Its goal is to convince the reader that the business will be successful due to the high-quality people involved with the business. The section contains information on key personnel and related service providers.

Which of the following statements regarding a pioneering business are correct? (Check all that apply.)

It is a business whose product or service is new to the industry or is itself creating a new industry. It's greatest problems include showing the market how it will work and estimating how many will want the product. Products manufactured by a pioneering business may face manufacturing hurdles.

Which of the following statements about the executive summary are correct? (Check all that apply.)

It is a key component of a business plan because it is often the first part that is read. It is typically one page in length. It usually describes a problem, product, market, competitive advantages, the team, and a financial summary.

Which of the following statement about test marketing products are correct? (Check all that apply.)

It means to sell a product or service in a limited area, for a limited time. It is very valuable especially for gaining early customer feedback. Pioneering business can benefit from test marketing new products or services.

Which of the following are true of a pitch deck created for online access? (Check all that apply.)

It should convey an entrepreneur's thinking without him or her being present in person. It should include enough slides to ensure people understand the basics of a firm's business.

Which of the following statements about a plan for an existing business are correct? (Check all that apply.)

The owners have the benefit of knowing the history, existing market, and financial track record. These plans can discuss new ideas for increasing sales. Financial projects are built on historical data.

A(n) ______ plan is a business plan that gives potential customers or suppliers information about the company and its product or service.

informational

Which of the following statements about an informational business plan are correct? (Check all that apply.)

Some of the plan's contents are revised to better address what customers and suppliers are interested in knowing about the firm. Relevant appendixes, such as detailed product descriptions and price lists, are often included. It is written with customers and suppliers in mind.

A pitch is

the formal presentation of the business plan given before judges or potential investors or partners.

A business plan that provides information on a company, its products or services, its market, and critical risks to prospective business or marketing partners or to prospective key employees is called a(n) ______.

summary plan

Which of the following aspects of a business can a business owner consider including in the appendixes section of a business plan? (Check all that apply.)

Results of pilot sales efforts, if any, to prove market acceptance Specifications of pictures of the products or services offered

A ______ is a one-page document on business stationery that introduces the business plan and the business owner to the recipient and indicates why the recipient is being asked to read the plan.

cover letter

A(n) ___________ _____________ is a 30-second (100 words or less) action-oriented description of a business designed to sell the idea of the business to another.

Blank 1: elevator Blank 2: pitch

A(n) ___________ ____________ ___________ is a firm whose product or service is established elsewhere, but is the first of its kind in a particular market.

Blank 1: new Blank 2: entrant Blank 3: business

All the classic structures to narratives, such as beginning, middle, and end, or a multiple-step journey, or a situation-complication-resolution, fall into one of several __________ ___________ . (Enter one word in each blank.)

Blank 1: storytelling Blank 2: arcs or arc

Match the different slide categories included in a pitch deck (in the left column) with their descriptions (in the right column).

Company purpose slide matches : Explains the objective of a firm and its business plan presentation Product slide: Aids in creating a positive attitude toward a firm's offerings Business model slide: Builds on the market size and explains revenue and profit generation The ask and the deal slide: Requests for funding or feedback and offers something in return

The title page typically contains which of the following information? (Check all that apply.)

Contact information including owner names, address, and telephone numbers. Company name. Date the version was completed.

Which of the following statements regarding a cover letter are correct? (Check all that apply.)

Readers usually read the cover letter first, so it should be well written. Traditionally cover letters were done on business stationery. The cover letter is a one-page document that introduces the business plan and owner and indicates why the recipient is being asked to read it.

Which of the following statements regarding the financial summary section of the business plan are correct? (Check all that apply.)

The financial projects should be conservative. It often has a summary table showing the business' expected sales and profits. The summary is followed by "the ask" for funding.

A ______ is a document designed to detail the major characteristics of a firm.

business plan