Deck 10: Planning for Entrepreneurs

Question 1

What is the plan depicted on one page by filling in the nine blocks of the business model?

A)business brief
B)outline
C)Business Model Canvas
D)back-of-the-napkin plan

Answer 1

C

Question 2

What planning tool helps entrepreneurs test the possibilities of an initial idea to see if it is worth pursuing?

A)the business brief
B)Vivid Vision
C)the feasibility study
D)the market research study

Answer 2

C

Question 3

The part of the formal business plan in which you discuss the industry,business structure,products and services,and how you plan to make your business a success is called the ______.

A)market plan
B)business concept
C)business brief
D)financial statement

Answer 3

B

Question 4

Killian decides that he needs a few days away from it all to think out his ideas.He takes up an offer from a friend to spend a few days in his mountain cabin.During this time,Killian imagines what his business will look like in 3 years.He pictures his customers using his product and coming into his facility.Killian is engaging in a practice called ______.

A)strategic planning
B)Vivid Vision
C)detailing
D)Business Model Canvas

Question 5

The process of envisioning the future for a business,including what one plans to do and how one plans to do it,is called ______.

A)white boarding
B)planning
C)brainstorming
D)surveying

Question 6

The first part of the formal business plan is ______.

A)the market section
B)a description of how you intend to design,develop,and implement the plan
C)the business concept
D)the financial section

Question 7

The feasibility study should be shared with ______.

A)no one,it is for the entrepreneur's eyes only
B)potential investors
C)trusted friends
D)the competition

Question 8

Which of the following is true of pitch decks?

A)They are highly detailed.
B)They have no strict rules for length or style.
C)They are complicated.
D)They are time-consuming to create.

Question 9

What is done through the Vivid Vision exercise?

A)The entrepreneur tries to imagine what the business will look like 3 years into the future.
B)The entrepreneur assesses what the business looks like in the present.
C)The entrepreneur envisions how he or she is going to build the business and the steps needed to take to get there.
D)The entrepreneur tries to imagine what the business will look like in 10 years.

Question 10

The ______ has replaced the formal business plan in most venues.

A)pitch deck
B)Business Model Canvas
C)feasibility study
D)business brief

Question 11

______ help(s)you get out of your head and see your idea for what it really is.

A)Plans
B)Brainstorming sessions
C)Surveys
D)White-boarding

Question 12

A type of visual plan that is especially useful for identifying gaps in the business idea is called a ______.

A)pitch deck
B)Business Model Canvas
C)Vivid Vision
D)feasibility study

Question 13

Santiago created a ______ when he wrote down the vision for his product including the features of the product and target market.

A)cash flow statement
B)feasibility statement
C)concept statement
D)market statement

Question 14

What is the concept presented by Cameron Herold's book Double Double?

A)Vivid Vision
B)Financial Vision
C)Exercise Vision
D)Customer Vision

Question 15

The key to a feasibility study is ______.

A)formality
B)completeness
C)complexity
D)speed

Question 16

Finding a relaxing spot is important for ______.

A)visualizing
B)feedback
C)data collection
D)research

Question 17

How many blocks compose the Business Model Canvas?

A)four
B)seven
C)nine
D)12

Question 18

The planning exercise that involves getting out of your usual working environment and imagining what the business could look like in three years is called ______.

A)the Business Model Canvas
B)Vivid Vision
C)a back of a napkin sketch
D)a business brief

Question 19

To produce a feasibility study,what action is needed?

A)documenting important parts of your business
B)testing,information gathering,and analysis
C)creating a well-defined financial forecast
D)meeting with the founders who will agree on the plan of action

Question 20

A 2- to 3-page document outlining the company overview,value proposition,customers,and milestones is referred to as a ______.

A)Business Model Canvas
B)business plan
C)business brief
D)feasibility study

Question 21

What type of plan are traditional investors and bankers likely to require?

A)a pitch deck
B)a traditional business plan
C)a business brief
D)a feasibility study

Question 22

What distinguishes a business plan from other forms of business planning?

A)The business plan is for internal use only.
B)The business plan is less detailed than the pitch deck.
C)The business plan is more formal.
D)The business plan does not include a financial forecast.

Question 23

What is the ultimate question a feasibility study is trying to answer?

A)Will my venture work?
B)What kind of team do I need to get started?
C)How much should I charge?
D)How much startup capital do I need?

Question 24

What is described in the market section of the business plan?

A)the industry,business structure,and products and services
B)a description of potential customers and competitors
C)the overall description of customers and the implementation plan
D)the operations and customer service

Question 25

A document that can easily be sent to stakeholders that will give them an at-a-glance understanding of who you are,the business,and its potential,is called the ______.

A)business brief
B)pitch deck
C)Business Model Canvas
D)business plan

Question 26

Nan presents her plan for a slip-on shoe that is water repellent,inexpensive,and highly fashionable.She believes that the market for the product is "everyone in the city of Seattle." Because of this,she forecasts that she will capture 40 percent of the market.What is the business plan error that Nan is incurring?

A)too much fluff in the presentation
B)no clear product benefits
C)the exaggerated hockey stick
D)There is no error.This is a reasonable estimate.

Question 27

When preparing financial projections for a business plan,be ______ in your estimates.

A)bullish
B)neutral
C)conservative
D)realistic

Question 28

When writing a business plan,what is the most effective way to incorporate visuals?

A)Include a robust number of charts,graphs,and images on each page to support your plan.
B)Avoid using visuals if possible.
C)Include visuals to bring your idea to life but be careful not to crowd the plan with too many charts,graphs,and images.
D)Reduce the amount of white space as much as possible by using visuals.

Question 29

David writes the following at the start of his business plan: "Computers are used by almost everyone in today's tech-savvy world.Computers are here to stay." What advice would you give David?

A)Reserve this statement for the marketing section of the business plan.
B)Revise this statement to explain why computers are here to stay.
C)Remove the statement.It does not communicate new information.
D)Keep the statement where it is as it will help establish the market size.

Question 30

In the order of entrepreneurial activities,business plans come ______.

A)at the onset of the business idea
B)after idea generation,business model canvas,feasibility study,and pitch deck
C)after the business model but before the feasibility study
D)after the business model but before the pitch deck

Question 31

What are the benefits of using visuals in a business plan?

A)They allow you to exaggerate your financial projections.
B)They are a good way to break up the text.
C)They help you avoid typos.
D)They help you avoid the exaggerated hockey stick.

Question 32

How many slides do pitch decks need to have?

A)5
B)10
C)25
D)There are no strict rules for pitch deck length.

Question 33

Which of the following would be included in the business concept part of the business plan?

A)the industry,business structure,and products and services
B)a description of potential customers and the implementation plan
C)the overall implementation plan
D)the operations and management

Question 34

Of the following,what is the best time to write a business plan?

A)when you have the data to prove your concept
B)when you have the founder team
C)when you have adequate time
D)at any time in the formation of the business

Question 35

A feasibility study involves ______.

A)a 5-year plan to scale the business
B)at least 15 pages of appendices for investors to examine
C)action,testing,information gathering,and analysis
D)the creation of detailed financial projections and cash flow analysis

Question 36

What is included in the financial section of a business plan?

A)the industry,business structure,and products and services
B)a description of potential customers and competitors
C)income and cash flow,balance sheets,and financial projections
D)financial projections only

Question 37

A good reason to not write a formal business plan is ______.

A)the plan costs too much
B)the team is not complete
C)the plan is old as soon as it comes off the printer
D)the data do not support the financial projections

Question 38

When writing a business plan,you should be ______ about the chance for success.

A)bullish
B)neutral
C)conservative
D)realistic

Question 39

What is the traditional length of a business plan?

A)less than 5 pages
B)5-10 pages
C)20-40 pages
D)over 40 pages

Question 40

The most complex and time-consuming type of plan is the ______.

A)business brief
B)pitch deck
C)business plan
D)feasibility study

Question 41

What important fact did the founders of Blue River Technology find out during the feasibility study?

A)The target market did not thinking their solution was viable.
B)The manufacturing plant could not make their product.
C)The team members were exaggerating their skills.
D)The product was too much.

Question 42

What plan is popular for angel and venture capital funding?

A)feasibility study
B)the business plan
C)the pitch deck
D)the business brief

Question 43

The purpose of the feasibility study is to provide a short-term plan for launching your business.

Question 44

The feasibility study helps determine whether the idea is a "go" or "no go." ______

Question 45

Eric Ries,author of The Lean Startup,makes what argument regarding planning and forecasting?

A)Planning and forecasting are accurate only for large corporations; startups are very different and require a different approach.
B)A clever entrepreneur will take the lessons learned from large corporations' planning and forecasting models and apply them to their startup.
C)Planning and forecasting are solid tools no matter the size of a business.
D)A lack of understanding of planning and forecasting is the reason many startups fail.

Question 46

It can take up to ______ hours to write a comprehensive business plan.

A)4
B)20
C)200
D)400

Question 47

Dr.Emmet (Tom)Thompson believes ______ is the key to success.

A)learning about the competition
B)creating a basic team
C)planning
D)implementing

Question 48

If your plan is not described in a formal document,chances are you do not really have a plan.

Question 49

At its heart,the ______ is the document that records answers to questions.

A)feasibility study
B)business brief
C)plan
D)pitch deck

Question 50

Which of the following helps an entrepreneur make decisions during the initial conceptualization of the venture?

A)the Business Model Canvas
B)the business brief
C)the feasibility study
D)the pitch deck

Question 51

All business planning starts with a ______.

A)need
B)team
C)written document
D)vision

Question 52

Most businesses do not need a plan to get started.

Question 53

"Launch plan" is another term to describe a ______.

A)Business Model Canvas
B)business brief
C)feasibility study
D)pitch deck

Question 54

The pitch deck is a presentation highlighting many of the essential elements found in a feasibility study and a business plan.

Question 55

How should you discuss your business's weaknesses when writing your plan?

A)By the time you're writing a plan,there should be no weaknesses.
B)Only include them if you already have a plan to fix them.
C)Avoid mentioning them.
D)Be honest,but don't dwell on it.

Question 56

A plan is a written description of the future you envision for your business,including what you plan to do and how you plan to do it.

Question 57

Why might an entrepreneur write a simple business plan only for themselves?

A)It's a good way to thinking about things they may not have thought about before.
B)A full plan is useless.
C)It saves time.
D)They may be unfamiliar with other plan types.

Question 58

Key partners is an aspect of what type of plan?

A)the Business Model Canvas
B)the business brief
C)the feasibility study
D)the pitch deck

Question 59

What question are you answering in your plan when you describe the needs your product or service fulfills for your customer,the problems you are solving for them,and any evidence you have to show that your potential customers will want to buy your offering?

A)Who is your customer?
B)How big is the market?
C)How will you enter the market?
D)Who is your competition?

Question 60

What question are you answering in your plan when you compare a competitive analysis?

A)Who is your customer?
B)How big is the market?
C)How will you enter the market?
D)Who is your competition?

Question 61

It is important to remember that only a business plan can be used to obtain funding.

Question 62

Key partners,key activities,and key resources are three of the nine blocks in the Business Model Canvas.

Question 63

The pitch deck has replaced the formal business plan in most venues.

Question 64

Planning is the same as a plan.

Question 65

Imagine that you are opening a store that offers landscaping supplies to homeowners.Describe the actions you would take in planning for your business.

Question 66

In general,it is not a good idea to use visuals in a business plan.

Question 67

The purpose of a pitch deck is to help the entrepreneur determine if a venture is viable.

Question 68

The authors advise writing a formal business plan before testing ideas in the real world.

Question 69

Experts today are unanimous: the business plan is a critical first step for a successful entrepreneur.

Question 70

As compared to the Business Model Canvas,the business brief is much more visual but requires less detail.

Question 71

All experts agree that writing a formal business plan is necessary for the success of a startup.

Question 72

A Vivid Vision should always be presented as a written document rather than a gallery sketch,photo montage,or video.

Question 73

According to the text,you are not ready to decide whether a business idea is viable until you have talked to at least 50 potential customers.

Question 74

There are free tools online that help entrepreneurs distill their plans down into single pages.

Question 75

Most feasibility studies are three pages or fewer.

Question 76

Most startups do not have competition.

Question 77

Your Vivid Vision should detail how you plan to reach your idealized future.

Question 78

All businesses,regardless of size,need a formal business plan.

Question 79

A business plan must be thought of as a work in progress because nothing goes according to plan.

Question 80

An entrepreneur must create a single business plan that will work for all audiences.