Question 1

____________ refers to a written document that describes the current state and the supposed future of an organization.&#10;A) Feasibility analysis.&#10;B) Business plan.&#10;C) SWOT analysis.&#10;D) Five forces model.

Accepted Answer

A business plan is a comprehensive written document that outlines an organization's current status, goals, and strategies for achieving those goals. It includes a detailed analysis of the market, competition, financial projections, and other factors that could impact the organization's success. A feasibility analysis is a preliminary assessment to determine if a business idea is viable, a SWOT analysis evaluates an organization's strengths, weaknesses, opportunities, and threats, and the five forces model is a framework for analyzing the competitive forces in an industry. While all of these tools may be used in developing a business plan, none of them on their own can fully capture the complexity and scope of such a document.

Question 2

Opponents of writing a business plan prior to starting a new venture would likely accept the following views, except:&#10;A) Writing a business plan is a waste of valuable time.&#10;B) Writing a business plan has an opportunity cost for entrepreneurs.&#10;C) Writing a business plan bears some benefits for entrepreneurs.&#10;D) Writing a business plan does not help entrepreneurs.

Accepted Answer

Opponents of writing a business plan are likely to argue against its benefits, making option C the exception. They typically believe that the process is time-consuming and may not offer practical help, rather than acknowledging its potential advantages.

Question 3

In writing a social venture plan, it is important to indicate the ___________.&#10;A) Social value proposition.&#10;B) The exact number of pages.&#10;C) The role of society.&#10;D) The importance of corporate social responsibility.

Accepted Answer

In writing a social venture plan, the social value proposition is a crucial piece of information that must be clearly indicated. This is the unique benefit that the social venture provides to the community or society. The other options may also be relevant but are not as essential in the initial stages of drafting a social venture plan.

Question 4

Which of the following presents a brief overview of a business plan?&#10;A) Appendix.&#10;B) Core of the business plan.&#10;C) Executive summary.&#10;D) Table of contents.

Accepted Answer

The executive summary provides a brief overview of the business plan, summarizing the main points and goals of the business. Other sections, such as the table of contents, appendix, and core of the business plan, provide more detailed information about the business and its operations.

Question 5

The following questions are important in assessing the social value proposition of a social venture except:&#10;A) How can we understand key stakeholders?&#10;B) What is the product or service providing to the customer?&#10;C) Will this product or service make a difference in the life of the beneficiary or customer?&#10;D) What impact will it have on the community?

Accepted Answer

Understanding key stakeholders is more about the operational and strategic planning of a social venture rather than directly assessing its social value proposition. The social value proposition focuses on the impact and benefits the venture brings to its beneficiaries and the community, which are directly addressed in options B, C, and D.

Question 6

According to Delmar and Shane, business planning offers the following advantages, except:&#10;A) Facilitates faster decision-making by identifying missing information without first&#10;B) requiring the commitment of resources.&#10;C) Provides tools for managing the supply and demand of resources in a manner that&#10;D) avoids time-consuming bottlenecks.&#10;E) Identifies action steps to achieve broader goals in a timely manner.&#10;F) Assesses the viability of a business opportunity.

Accepted Answer

The answer of According to Delmar and Shane, business planning...

Question 7

Compared to a feasibility analysis, a business plan focuses on an _________, whereas a feasibility analysis focuses on an ____________.&#10;A) Internal audience; external audience.&#10;B) Internal stakeholders; external stakeholders.&#10;C) External audience; internal audience.&#10;D) Internal audience; external stakeholders.

Accepted Answer

A business plan is geared towards an external audience, such as investors or lenders, as it outlines the company's goals, strategies, and financial projections. On the other hand, a feasibility analysis is typically focused on an internal audience, such as the company's leadership team, and examines the feasibility of a new business idea or venture, including market potential, resources needed, and potential risks.

Question 8

Which of the following is a benefit of writing a formal business plan?&#10;A) Takes valuable time away from running a business.&#10;B) Improves performance and helps survival.&#10;C) Helps answer the question of whether to continue the venture or not.&#10;D) Imposes an opportunity cost on entrepreneurs.

Accepted Answer

Writing a formal business plan improves the performance of a business and can help increase its chances of survival. It helps set clear goals and strategies for the business and identifies potential challenges and opportunities. Option A, C, and D are incorrect as they do not represent the benefits of writing a formal business plan.

Question 9

Which of the following criticisms is often used by those who consider writing a formal business plan as a waste of time?&#10;A) Writing a business plan imposes an opportunity cost on entrepreneurs.&#10;B) Writing a business plan indicates a way to manage a venture.&#10;C) Writing a business plan provides an opportunity to exercise running a business.&#10;D) Writing a business plan helps to raise funds from investors.

Accepted Answer

Critics of writing a formal business plan argue that the time and effort spent on creating a detailed plan could instead be used to work on the actual business or to test and validate the idea. This is known as opportunity cost, where the cost of choosing one option is the opportunity forgone by not choosing an alternative. Option B, C, and D are benefits of writing a business plan and not criticisms.

Question 10

In which section of a social venture plan does the social entrepreneur identify the potential impact of the social venture?&#10;A) Social venture effectiveness.&#10;B) Social impact measurement.&#10;C) Social venture landscape analysis.&#10;D) Social venture financial viability.

Accepted Answer

The potential impact of the social venture is identified and measured in the social impact measurement section of a social venture plan. The other sections, such as social venture effectiveness, social venture landscape analysis, and social venture financial viability, may touch upon the impact, but do not explicitly identify and measure it.

Deck 8: Writing Business Plans for Social Ventures