Term
| Business plan = written doc that ... |
|
Definition
| describes in detail a proposed venture and its purpose |
|
|
Term
| Components of business plan (10) |
|
Definition
executive summary,
description of business,
marketing,
research, design, & development,
location,
management,
critical risks,
financial forecasting,
milestone schedule,
appendix |
|
|
Term
|
Definition
short description of the venture (≤3 pages); whets reader's appetite for more info.
Completed AFTER finishing business plan |
|
|
Term
| Description of business = |
|
Definition
| brief history; services described in terms of unique qualities & value. Goals & milestones |
|
|
Term
| Key points within description of business (4) |
|
Definition
ID business by NAME,
provide BACKGROUND of industry c hx of company,
describe POTENTIAL of venture,
spell out UNIQUE aspects of new venture |
|
|
Term
| Two major areas of marketing |
|
Definition
research & analysis (target market),
marketing plan (market strategy) |
|
|
Term
| Research, Design, & Development: only necessary for... |
|
Definition
|
|
Term
| Aspects of location in business plan (5) |
|
Definition
proximity to supplies,
transportation,
labor supply,
advantages of locale (zoning, taxes, etc),
facilities/equipment |
|
|
Term
| Selection of management based on: |
|
Definition
their potential contribution
to the enterprise |
|
|
Term
| What to include in management section of business plan (4) |
|
Definition
résumés of all key management,
description of legal structure,
discuss added assist (advisors, consultants, etc),
give compensation info |
|
|
Term
| Critical risks: hints (2) |
|
Definition
discuss potential risks before investors point them out,
provide alternative course of action |
|
|
Term
Financial forecasting =
(2) |
|
Definition
budgeting & forecasting;
provides a standard against which to measure actual results |
|
|
Term
| Financial forecasting: hints (4) |
|
Definition
give estimated statments,
name sources of funds,
present a budget,
create stages of financing |
|
|
Term
|
Definition
| determination of objective & timing of their accomplishment; establishment AND monitoring |
|
|
Term
| Milestone schedule: hints (2) |
|
Definition
timetable;
show relationship of events |
|
|
