Question 1

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

Accepted Answer

A)  feasibility study
B)  business brief
C)  plan
D)  pitch deckE) B) and D)
F) A) and B)

Question 2

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 ______.

Accepted Answer

A)  market plan
B)  business concept
C)  business brief
D)  financial statementE) None of the above
F) B) and D)

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A)  learning about the competition
B)  creating a basic team
C)  planning
D)  implementingE) B) and D)
F) B) and C)

Question 5

Planning is the same as a plan.

Accepted Answer

A) True 
 B)False

Question 6

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 ______.

Accepted Answer

A)  business brief
B)  pitch deck
C)  Business Model Canvas
D)  business planE) A) and D)
F) B) and C) A

Question 7

Key partners is an aspect of what type of plan?

Accepted Answer

A)  the Business Model Canvas
B)  the business brief
C)  the feasibility study
D)  the pitch deckE) None of the above
F) B) and C)

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)  white boarding
B)  planning
C)  brainstorming
D)  surveyingE) B) and C)
F) A) and D)

Question 10

The feasibility study should be shared with ______.

Accepted Answer

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

Question 11

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?

Accepted Answer

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.E) B) and D)
F) B) and C)

Question 12

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

Accepted Answer

A)  bullish
B)  neutral
C)  conservative
D)  realisticE) All of the above
F) C) and D)

Question 13

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

Accepted Answer

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 projectionsE) B) and C)
F) All of the above

Question 14

Describe Cameron Herold's Vivid Vision process.Why is the focus on three years down the road? What are the crucial aspects of the process? What is innovative or groundbreaking about the process,and why? What part of the process will be most challenging,in your evaluation,and why?

Accepted Answer

Herold's process challenges entrepreneur...

Question 15

Finding a relaxing spot is important for ______.

Accepted Answer

A)  visualizing
B)  feedback
C)  data collection
D)  researchE) A) and B)
F) None of the above A

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Imagine that you are thinking of starting a home care business for those recovering from illness or requiring home assistance.What research would be appropriate when preparing a feasibility study?

Accepted Answer

A pitch deck is advisable when presenting a plan to a potential investor.It would typically include a brief set of slides meant to persuade the potential investor to have a follow-up meeting.

Question 18

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

Accepted Answer

A)  Who is your customer?
B)  How big is the market?
C)  How will you enter the market?
D)  Who is your competition?E) A) and B)
F) All of the above

Question 19

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

Accepted 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?E) A) and D)
F) A) and C)

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 10: Planning for Entrepreneurs

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

Correct AnswerverifiedShow Answer

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 ______.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Planning is the same as a plan.

Correct AnswerverifiedShow Answer

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 ______.

Correct AnswerverifiedA

Key partners is an aspect of what type of plan?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The feasibility study should be shared with ______.

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Describe Cameron Herold's Vivid Vision process.Why is the focus on three years down the road? What are the crucial aspects of the process? What is innovative or groundbreaking about the process,and why? What part of the process will be most challenging,in your evaluation,and why?

Correct AnswerverifiedHerold's process challenges entrepreneur...View AnswerShow Answer

Finding a relaxing spot is important for ______.

Correct AnswerverifiedA

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

Correct AnswerverifiedShow Answer

Imagine that you are thinking of starting a home care business for those recovering from illness or requiring home assistance.What research would be appropriate when preparing a feasibility study?

Correct AnswerverifiedA pitch deck is advisable when presenting a plan to a potential investor.It would typically include a brief set of slides meant to persuade the potential investor to have a follow-up meeting.

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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Herold's process challenges entrepreneur...
View Answer

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A

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A pitch deck is advisable when presenting a plan to a potential investor.It would typically include a brief set of slides meant to persuade the potential investor to have a follow-up meeting.

Correct Answer
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Correct Answer
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