Question

1) The importance of creating a business plan is to determine the specific products and services for a new business.

True

False

2) After developing a business idea, why should an entrepreneur write a business plan?

To see what their business looks like on paper.

To show potential investors.

To plan everything out and have a plan for the business in each category.

All of the above.

3) It is important before you can begin to develop a business plan, you’ll need to spend time deciding on your business idea, and at this stage it’s important to be very strategic. What does the current business environment look like? What are the opportunities? Even if you already have a business idea in mind, keep generating new ideas at this stage, just in case a better concept presents itself.

True

False

4) Some potential product or service questions for your business plan can include:

*Who you think will be the customer?

*Why you think customers will buy the product or service?

*Why you think the product or service is needed?

*Are resources available to create the product or service?

*Is there potential to make a profit with the product or service?

*Are there any constraints to creating the product or service?


True

False

5) A Business plan should include:

Sections should include:

*Executive Summary

*Business Overview

*Market Research

*Sales and Marketing

*Operations

*Finances

*Appendices


True

False

6) Common reasons for business failure are"

none of these

all of these

bad business ideas, cash problems, no management experience, lack of customers

bad location and inability to handle growth of a business

7) Main categories of business risk are people risks, economic risks, and environmental risks.

True

False

8) Organizational Charts are great for helping employees stay organized in their tasks and keeping a business organized in general.

True

False

9) The proper way to fire an employee is sending them an email.

True

False

Answer 1

1) False

2) All of the above

3) True

4) True

5) True

6) All of these

7) True

8) True

9) False