Deck 11: Business Planning

Question 1

What should the operations section of a long-term business plan include?

A)Location
B)Proximity to supplies
C)Access to transportation
D)All of these choices

Answer 1

D

Question 2

Which of the following is the process venture capitalists use when they are reviewing a business plan for potential investments?

A)A comprehensive reading
B)A 5-minute reading
C)A 2-minute elevator pitch
D)No more than a 15-minute reading

Answer 2

D

Question 3

Should all of the following be included in a formal business plan? Appendices and bibliography,milestone schedule,harvest strategy,critical risks,financials,operations management,general management,marketing,business development and the executive summary.

A)It depends on the type of business and its structure
B)No,it's not necessary.You can pick and choose the pieces you want to put in your formal plan
C)Yes always
D)Yes,except appendices and bibliography

Answer 3

C

Question 4

Which of the following are kinds of business planning?

A)Venture plan
B)Napkin plan
C)Investment prospectus
D)All of these choices

Question 5

What is a hackathon?

A)A social design sprint event that brings together coders,programmers and others to build a software program
B)A social design sprint event that brings together ideas people to start the business planning
C)A social design sprint event to problem-solve
D)All of these choices

Question 6

What are the steps for a lean business planning start-up document?

A)Strategy,tactics,milestones,forecasts,business plan event,formal plan,slide deck
B)Strategy,aggregate planning,operational planning,tactics actions and evaluation
C)Every single aspect of a large traditional business plan in short form
D)No planning is needed for a lean business plan

Question 7

What is the 'management team'?

A)The founders of a new venture who plan on managing the company,as well as any advisers,consultants or members of the board
B)The team responsible for training managers at your new venture
C)Management members who are good team players
D)All of these choices

Question 8

True or false? A traditional business plan document is generally 30 to 40 pages with a three- to five-year financial projection.

A)Yes,this is generally true
B)No,this is generally false
C)It depends on the investors
D)No one does formal business plans anymore

Question 9

Which of the following are part of research,design and development?

A)Blueprints
B)Sketches and drawings
C)Models
D)All of these choices

Question 10

A milestone schedule of the business plan provides:

A)employees with timetables for the accomplishment of personal KPIs
B)investors with timetables for the accomplishment of various activities such as prototypes,staffing and receivable payments
C)management with timetables for the payout of personal dividends
D)All of these choices

Question 11

What does the term 'reachable market' mean?

A)The immediate reachable group of customers that will be targeted by new venture
B)The immediate group of people within a 5km radius
C)The immediate friends and family you can reach
D)The reachable group from a primary and secondary source

Question 12

What should be included in the marketing section of a long-form business plan?

A)Marketing vision,market size and trends,competitor's analysis,remarkable differences
B)Marketing strategy,branding elements,price rationale
C)Marketing materials,advertising and promotions,web plan,sale strategy forecast
D)All of these choices

Question 13

When should you update a business plan?

A)During financial changes
B)When there are changes in the market or during the launch of a new product or service
C)During periods of new management to reflect on the new reality
D)All of these choices

Question 14

What should you do when a funder turns you down?

A)Reject the decision and ask for another chance
B)Get the name of the person and make a complaint
C)Confirm the decision,find out why you were rejected,ask for advice,ask for suggestions,get the name of the person,find out why,work out an introduction and develop a reasonable excuse
D)Do not bother getting feedback or reasons,and move on

Question 15

Business metrics:

A)are used only by your competitors
B)are used for remembering milestones
C)make good presentation pictures
D)are assumptions and calculations for any revenue projections

Question 16

What is an elevator pitch?

A)When you talk to someone riding up in the elevator about your business
B)A brief oral presentation for selling a business plan to potential investors
C)A videotape of an investment prospectus
D)All of these choices

Question 17

What should be included in your start-up funding table?

A)The performance balance sheet that predicts the results of future business operations
B)Profit and loss income statement and cash flow statement
C)Important assumptions,and break-even analysis
D)All of these choices

Question 18

What are the benefits of a traditional business plan?

A)It forces the entrepreneur to view the venture critically and objectively
B)It puts the assumptions about the venture's success under close scrutiny
C)The plan identifies critical risks and crucial events with a discussion of contingency plans that provide opportunity for the venture's success
D)All of these choices

Question 19

Should entrepreneurs be prepared to handle questions from investors and learn from the criticisms and feedback when presenting or pitching?

A)Yes.You should always learn from feedback
B)No.What do they know? It's your business
C)It depends on the type of business
D)Investors shouldn't be critical when you're describing your business

Question 20

Should every business plan have insights into the harvest strategy?

A)Yes
B)No,never
C)It depends on the business
D)It depends on the length of time the owner determines for the strategy