ENTR-120

The ______ refers to the slides show created for a business plan presentation.

pitch deck

The ______ section focuses on describing what the business is about.

product/service

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

risks

The ____ and _____ advantage section of a business plan identifies the major competitors for the market.

Blank 1: competition Blank 2: competitive

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

financial summary

The ______ is found in the product/service section and describes the value benefits to the customer.

value proposition

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

vision statement

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

table of contents

The ______ section focuses on the individuals who buy the firm's product/service.

target customer

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

test marketing

A pitch is

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

Which of the following are true of proof-of-concept websites? (Check all that apply.) 1. They track information about site visitors. 2. They are useful for exhibiting a technology or service that is new in a widely spread out market. 3. They are designed to provide a basic overview of a firm and a comprehensive look at the firm's financials. 4. They are also called mini-plans.

1, 2

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.) 1. The business's growth plan 2. Specifications of pictures of the products or services offered 3. Results of pilot sales efforts, if any, to prove market acceptance 4. The business's generic and supra-strategies

2, 3

Which of the following statements about a plan for an existing business are correct? (Check all that apply.) 1. Creating a plan for an existing business should only done when applying for a bank loan or attempting to raise capital. 2. Financial projects are built on historical data. 3. The owners have the benefit of knowing the history, existing market, and financial track record. 4. These plans can discuss new ideas for increasing sales.

2, 3, 4

True or false: When government involvement in a business is significant, such as gaining approval for a business license, zoning, or environmental impact, delays are unlikely and work is prompt.

False

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.

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

The title page.

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

True or false: There is a format that should be followed for the pitch deck that one uses to present to potential investors

True

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

business plan

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

company description

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

data room

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

data room

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

The ______ section focuses on the firm's overall strategy, sales plan, and longer-term competitive plan to protect the firm from competitors.

marketing strategy

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

new entrant business

A(n) ______ plan is a business plan designed to be used internally for management purposes.

operational

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

organization

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

pioneering

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

pitch

A ______ website is an Internet-based type of business plan providing information or demonstrating a product or service designed to solicit information on customer interest.

proof-of-concept

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.

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

executive summary

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

existing

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

informational

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

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

Which of the following statements about the market section are correct? (Check all that apply.) Multiple select question. 1. These market section also covers ways it is organized and the channels. 2. The market refers to the total population of customers that will buy your product/service. 3. Data that is provided by professional, trade or industry associations can be used in writing this section. 4. This section should include a one-page table that identifies the major competitors in the firm's particular market.

1, 2, 3

Which of the following statements about an informational business plan are correct? (Check all that apply.) 1. Some of the plan's contents are revised to better address what customers and suppliers are interested in knowing about the firm. 2. Relevant appendixes, such as detailed product descriptions and price lists, are often included. 3. It is written with customers and suppliers in mind. 4. This version of the plan often contains detailed financial statements.

1, 2, 3

Which of the following statements about an operational business plan are correct? (Check all that apply.) 1. It is one of two types of plans (the other is a PPM) that add additional material to the full business plan. 2. It is used as working documents within the business. 3. It includes detailed specifications of the major techniques, methods, recipes, and formulas used by the firm to do its work. 4. It is written for new firms and is not updated once the business gets started and runs for at least a year.

1, 2, 3

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.

elevator pitch

Which of the following statements about the value proposition are correct? (Check all that apply.) 1. It focuses on benefits, such as quality, style, and delivery for the customer. 2. It is related to the product/service's competitive advantage. 3. It also briefly describes the competition's value proposition, if any. 4. Its description is found in the product/service section.

1, 2, 4

Which of the following statements regarding a pioneering business are correct? (Check all that apply.) 1. Products manufactured by a pioneering business may face manufacturing hurdles. 2. It is a business whose product or service is new to the industry or is itself creating a new industry. 3. A pioneering firm sometimes will introduce a product/service that exists, but is the first to bring it to a particular market. 4. It's greatest problems include showing the market how it will work and estimating how many will want the product.

1, 2, 4

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

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 ____ ____

Blank 1: storytelling Blank 2: arcs

Which of the following statements regarding business risks are correct? (Check all that apply.) 1. Examples of risks include wrong numbers, an inadequate cash cushion, and uncertainty of sales. 2. Each business has risks that are specific to it. 3. Getting help with identifying risks and developing a plan to address them is too costly for young businesses. 4 How risks are assessed is common among businesses.

1, 2, 4

The title page typically contains which of the following information? (Check all that apply.) 1. Company name. 2. Date the version was completed. 3. The name of the investor that it was prepared for. 4. Contact information including owner names, address, and telephone numbers.

1, 2, 4,

Which of the following statements are true of a key employee/partner plan? (Check all that apply.) 1. It includes all the materials of an informational plan. 2. It focuses on intellectual property protection. 3. It comprises the critical risks and the market sections of a regular business plan. 4. It is known as a mini-plan.

1, 3

Which of the following is generally included in a business plan's table of contents? (Check all that apply.) 1. Major section headings. 2. The business' and owners' name. 3. Page numbers for each section. 4. Minor sections within each major section.

1, 3, 4

Which of the following are true of a pitch deck created for online access? (Check all that apply.) 1. It should include enough slides to ensure people understand the basics of a firm's business. 2. It should be a 10-minute presentation. 3. It should convey an entrepreneur's thinking without him or her being present in person. 4. It should include slides with few words or numbers to ensure an engaging visual stimuli.

1, 3

Which of the following slide categories are included in a pitch deck? (Check all that apply.) 1. Team slide 2. Mission statement slide 3. Why Now slide 4. Organic traffic slide

1, 3

Which of the following statement about test marketing products are correct? (Check all that apply.) 1. It is very valuable especially for gaining early customer feedback. 2. It can help a firm raise capital before manufacturing the product. 3. It means to sell a product or service in a limited area, for a limited time. 4. Pioneering business can benefit from test marketing new products or services.

1, 3, 4

Which of the following statements about a company description are correct? (Check all that apply.) 1. It will include a firm's most recent milestones that have been achieved. 2. It will provide page numbers for sections such as the business's financials and marketing strategy. 3.One will read a brief description of the business, e.g., age, current status, location, and the markets it plans to serve. 4. In the case of an existing business, it may include its history.

1, 3, 4

Which of the following statements regarding a cover letter are correct? (Check all that apply.) 1. Readers usually read the cover letter first, so it should be well written. 2. The cover letter should be written first, as it serves as an outline of your entire plan. 3. Traditionally cover letters were done on business stationery. 4. 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.

1, 3, 4

Which of the following are true of an elevator pitch? (Check all that apply.) 1. It has four success factors: hook, solution, support, and ask. 2. It is used in one-on-many or many-to-one business settings. 3. It is designed to open the door to a more superficial dialogue. 4. It is used when someone asks for more detail after hearing a concept.

1, 4

Which of the following statements about the competition and competitive advantage section are correct? (Check all that apply.) 1. It details a business's competitive pricing strategy. 2. It should have a table that identifies major competitors by name. 3. It should be about one page long. 4. It describes what makes a firm or its products or services unique.

2, 3, 4

Which of the following statements about the executive summary are correct? (Check all that apply.) 1. It is usually written in a casual laidback style so that the average person can understand it. 2. It is a key component of a business plan because it is often the first part that is read. 3. It is typically one page in length. 4. It usually describes a problem, product, market, competitive advantages, the team, and a financial summary.

2, 3, 4

Which of the following statements about the target customer section are correct? (Check all that apply.) 1. Often there is only one target audience. 2. Often there are multiple customer segments. 3. Target customers are described in terms of demographics. 4. Target customers are those who would buy the firm's products/services.

2, 3, 4

Which of the following statements regarding business plans for significant government involvement are correct? (Check all that apply.) 1. These plans can be submitted instead of going through a licensing process. 2. Examples of businesses where this type of plan would be applicable include: salvage yards, nursing homes, and day-care centers. 3. These are written when the business needs government approval to move forward. 4. The plan needs to provide the reader with a realistic time frame that accommodates delays.

2, 3, 4

Which of the following statements regarding the financial summary section of the business plan are correct? (Check all that apply.) 1. This section also includes detailed financial statements for at least four years. 2. The financial projects should be conservative. 3. It often has a summary table showing the business' expected sales and profits. 4. The summary is followed by "the ask" for funding.

2, 3, 4

Which of the following statements regarding the marketing strategy section of a business plan are correct? (Check all that apply.) 1. It will include how the firm protects its intellectual property. 2. The sales plan paragraph focuses on day-to-day sales. 3. It focuses on: the strategy for pursuing the market, sales plan for gaining customers, and how the firm will protect sales from competitors. 4. The overall strategy describes which generic strategy will be used.

2, 3, 4

Which of the following statements regarding the organization section of the business plan are correct? (Check all that apply.) 1. Its goal is to tell the company's story in a compelling manner to sell it to investors and potential key employees. 2. It has to communicate to the reader that the firm is structured to make the best use of both the internal and external people. 3. The section contains information on key personnel and related service providers. 4. Its goal is to convince the reader that the business will be successful due to the high-quality people involved with the business.

2, 3, 4

Which of the following statements regarding the product/service section of the business plan are correct? (Check all that apply.) 1. The section also briefly introduces the target customer that will benefit from the product or service. 2. It is considered one of the most important sections of the plan. 3. The product or service is described and how it works is explained. 4. It often starts with a description of the problem or the benefit that is being delivered to the customer.

2, 3, 4

Which of the following are true of screening plans? (Check all that apply.) 1. Prices or product lists or customer and client testimonials are often added to screening plans. 2. The appendixes section of a business plan is never included in screening plans. 3. They usually consist of the cover letter, title page, executive summary, and financials sections of a business plan. 4. They can be a useful way for a firm to enter into the planning process.

3, 4