Which Of The Following Is True About Business Planning

• In the context of this course, which of the following is NOT mentioned as one of the purposes of a business plan?
  • A business plan sets out the business’s strategy
    • This is one of the purposes of a business plan.
  • A business plan helps the entrepreneur to be realistic
    • This is one of the purposes of a business plan.
  • A business plan describes the company to external audiences
    • This is one of the purposes of a business plan.
  • A business plan is needed when you register your company
    • You’re right. This statement is not correct, and is not mentioned as one of the purposes of a business plan, nor is it a requirement for registering a company.
• In the context of this course, which of the following elements is NOT included in a business plan?
  • Market analysis
    • This would definitely be included in a business plan. You need to show that you understand the market conditions, customer needs and wants, and have a plan on how to reach those potential customers.
  • Detailed technical plans
    • Correct. This could possibly be included in the appendices of a business plan (if you are launching a technology-based start-up), but you should keep technical details to a minimum in the main body of your plan.
  • Ownership details
    • These would be included as part of the company information in your business plan.
  • Financial analysis
    • This would definitely be included in a business plan.
• In the context of this course, which of the following is NOT given as a type of start-up business plan:
  • Growth business plan
    • This is mentioned as one type of business plan, and would be a detailed description of proposed growth, written for internal or external audiences.
  • Strategic business plan
    • This is mentioned as one type of business plan.
  • Merger business plan
    • You’re right! This is NOT addressed as one type of business plan for business start-ups.
  • Feasibility business plan
    • This is mentioned as one type of business plan.
• Which of the following are typical uses of prototyping? (Select all options which apply. There are three correct answers):
  • To show your potential investors or business partners models of your products
    • This is correct. Potential investors or partners are often very interested in seeing product prototypes.
  • To represent your final product
    • This is incorrect. A prototype is not your final product. Don’t expect it to look like one.
  • To generate new ideas
    • This is correct. One advantage of prototyping is that it can help you see solutions to problems, and to see new possibilities for your idea.
  • To help you think about scalability
    • This is correct. A prototype can help you fine-tune your idea(s) and think about scalability.

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Category: WHICH