Develop a Concept for New ______Venture to Evaluate Its Success Potential

Develop a Concept for New ______Venture to Evaluate Its Success Potential

Objective 2.09 Study Guide

Develop a concept for new ______venture to evaluate its success potential

Developing Personal ______Goals:

  • Your goals should be ______
  • Your ______should be specific
  • Your goals should have a ______time frame
  • Your goals should help you decide what type of ______to take

Make a ______Plan

  • Assess your present ______situation
  • Identify and ______your personal financial goals
  • Identify ______courses of action
  • ______your alternatives
  • Create and maintain a budget that supports ______goals
  • Review and ______your plan as your financial goals evolve

The Business Plan: A ______plan is a document that ______a new business and a strategy to launch that business

______of a Business Plan:

  • ______Summary-is a brief recounting of the key points contained in a business plan
  • Management______Plan-your qualifications and any partners
  • Company Description-outlines the company's basic ______information, business concept, and goals and objectives
  • Product and Service Plan-describes the ______and benefits of the business's products and services
  • Vision and ______Statements-sets forth the guiding principles by which a ______functions
  • Industry overview-must address basic ______and growth within the industry
  • Market ______-presents your market research and features a customer ______profile that defines the traits of the ______target market
  • Competitive Analysis-focuses on demonstrating that the______business has an advantage over its competitors
  • Market Plan-describes a company's ______mix strategies or how it plans to market, promote, and sell its ______or services
  • Operational Plan-includes information about all the processes that take ______in the business
  • ______Plan-offers information about the business's ______structure, methods of and responsibilities for record keeping, ad legal and insurance issues
  • ______Plan-presents past and current ______and financial forecasts and explains the assumptions made when calculating______figures
  • Growth Plan-looks at how the business will expand in the future
  • ______Plan-examines the ______in the business plan and the greatest risks to the business and suggests plans to minimize the risk
  • ______Page-first page of the business plan and includes the company's name, address, phone number, web site address, e-mail address, and company logo
  • ______Page-follows the cover page and includes the ______name; names, titles, and addresses of the owners; date the business plan was issued; and the name of the person who prepared the business plan
  • Table of ______details the components of the business plan and includes the titles of the major sections and ______of the business plan, and the ______number where each section and subsection is located

Developing a Business Plan

  • Make a ______Plan and ______Data

◦List the ______you want answered

  • Set up a ______to organize your data

◦Record your ______from your research in the appropriate ______in the notebook

  • Write a draft

◦______a draft of your business plan after you finish your ______

Common mistakes in ______business plans:

  • Projecting ______growth levels
  • Trying o be a Jack-of-All-______
  • Claiming ______that exceeds industry averages
  • ______the need for capital

Sources of business plan ______there are state, local, and national ______and government agencies that offer resources to entrepreneurs:

  • Small Business______(SBA)-a federal agency that provides services to small businesses and new entrepreneurs
  • ______Corps of Retired Executives (SCORE)-dedicated to provide ______ace-to-face and e-mail ______to small businesses
  • Small Business ______Centers (SBDCs)-program ______by the SBA
  • Chambers of ______provide information about the______economy
  • Trade ______offers technical and general ______to entrepreneurs in a ______profession or industry

Packaging and ______the business plan-______of a business plan is important and several guidelines should be followed:

  • Bind the ______so that it lies flat. A______binding works well
  • Use ______tabs to separate sections so readers can find ______easily
  • Use an easily ______12-point type font, such as Times ______Roman
  • Use old ______and bullets to facilitate finding information
  • If you have a logo for your ______, include it at the ______of every page
  • ______each copy of the business plan and include a Statement of ______that the reader should sign. Keep tack of who has a ______of the plan.
  • Place a ______on the cover page______copying of the plan

Performing ______Functions-when managers use a series of activities for managing:

Planning, ______, Directing, Controlling. These four ______occur in that order

Planning-is the act of setting ______, developing strategies, and______tasks and timelines to meet those goals:

  • ______plans-long range ______based on long-term goals
  • ______plans-midrange objectives based on long-term goals
  • Operational plans-short-term ______that help achieve tactical plans


  • Planning-known as ______is the buying of all the materials ______by the organization
  • ______inventory-a target______of what you think you will need to keep in stock
  • Vendors-______that ______you inventory

Two______you should ask to achieve ______between too much and too little are:

  • How many______supply should be on hand?
  • How much of an ______would that represent?

______-is the grouping of resources in ______that will help you reach your objectives

Directing-the ______of guiding and supervising employees, often one-on-one, while they work

______-the process of ______your expected results with actual ______

Quality ______program-a set of measures built into the ______process to make sure that products or services meet certain______and performance requirements

______is used for business planning,______, budgeting, and financial analysis.

Business plan ______helps with writing a business plan which walks you through the ______of the ______step-by-step.

______That ______Start-Up of a Business:

Permits and______

  • ______is a legal document giving official ______to run a business
  • License-a ______that shows you have the necessary ______and training to do a job
  • Location – ______Law affects where you can ______a business such as:

◦______laws and building codes, ______

◦Contracts – binding legal a______between two or more ______or parties

◦Agreement-happens when both parties ______each others terms

◦______-is what is exchanged for the ______

◦Capacity-is the legal ______to enter into a binding agreement

◦______-final ______element