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

______purchases

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