Business Plan

If your feasibility study reveals that your business idea has some flaws, what is your most likely course of action?

stop the process and find another idea

What is the most important section of the business plan?

executive summary

As an investor, you receive a business plan from an entrepreneur who claims the business will make a high profit and is "impossible" to fail. What has this entrepreneur possibly failed to do?

Consider risks and possible negative factors

By identifying the critical risks in the business plan, the entrepreneur has demonstrated ______

In-depth knowledge of the competitive landscape

What is the benefit of using the business model canvas?

It is a quick way to test the hypotheses about a new business idea.

Which statement is most accurate about the business model?

The business model can change depending on the results of the feasibility analysis

What is best approach to writing a business plan?

The business plan should be concise but complete.

When would an entrepreneur forego conducting a feasibility analysis?

When feedback from the customer is not positive

A feasibility analysis ______.

assesses if the business model is a viable business

What critical information does the profit-and-loss statement provide?

best and worse case scenarios of revenues and expenses

Which of the following is a common mistake in a business plan?

having no personal equity at risk in the business

A business model answers the primary question of ______

how do we make money?

What is the best advice when it comes to packaging your business plan?

printed and professional

Philosophy behind lean start up approach

quickly open the feedback loop between your business and your customer in order to accelerate product design

function of a business plan

to be an operational roadmap

One key reasons to include an industry analysis in your business plan?

to demonstrate knowledge and understanding to potential investors of the industry

At what stage should an entrepreneur write a business plan?

when the entrepreneur wants to attract investors