Entrepreneur Chapter 3 Study Guide.
Long-term sales projections are
for five years in the future
The marketing section of your plan explains
how you plan to enter the market, who your prospective customers are, and how you plan to deal with competition
Trade Association
organizations made up of professionals in a specific industry
A business plan explains how your product or service
will be produced, will be sold, and is either new or better than existing products or services
Never reveal your competitors' strengths in your business plan—focus only on what they have done wrong.
False
Before they will consider financing a business, lenders require
A business plan
Small Business Administration (SBA)
An independent agency of the federal government that was created to provide support to entrepreneurs and small businesses
Main Body of a business plan
Introduction Marketing Financial Management Operations Concluding Statement
Information about necessary equipment for your business is included in a business plan's
Operations section
Trade associations provide all except
Small loans
Regardless of the business, all business plans serve the same basic purposes.
True
To convince readers that you have come up with a practical business idea, you must include information and data from objective sources.
True
Whatg is not an element of the financial management section of your plan?
Distribution of profits and losses
A business plan's title page does not include
a brief description of the business
Statement of Purpose
a brief explanation of why the writer of a business plan is asking for a loan and an explanation of what he or she plans to do with the money
Exit Strategy
a harvest strategy, or the way an entrepreneur intends to extract, or harvest, his or her money from a business after it is operating successfully
Cover Letter
a letter that introduces and explains an accompanying document or set of documents
Score
a nonprofit association made up of working and retired business professionals who volunteer their time to provide small businesses and entrepreneurs with free, real-world advice and know-how
Business Plan
a written document that describes all the steps necessary for opening and operating a successful business
Small Business Development Centers (SBDCs)
centers that provide technical assistance to small businesses and aspiring entrepreneurs
