Business 121 Midterm Review
Business 121 Midterm Review
80 Marks
25 Marks Multiple Choice- from readings on the base concepts
40 Marks Short Answer- questions from lectures more in depth explanation and application
15 Marks Problems- 3 questions
Business Planning- 7 marks- Unit 1/ Chapter 8- Writing and effective business plan -3 M/C
Benefits of writing a business plan
A business plan is a formal written document that explains the entrepreneur’s vision and how it will be converted into a profitable viable business
Often once the business is launched it does not follow the steps and time line outlines in the business plan so why make one, the answer is because it is hard to get somewhere unless you know where you want to go
It is not just a document that is to persuade investors it is a road map to converting your ideas and vision into a real functioning business
Writing a business plan requires you to carefully and fully address a number of complex issues relating to the process off converting your idea into a business: how it will be produced, how it will be priced, how it will be marketed, how it will compare to competitors what financial resources are needed how they will be used
It explains what the venture is trying to accomplish and how it will attain these goals, this is what venture capitalists seek and the clearer the links of the goals sought after and the means of accomplishing them the more impressive the business will be
It teaches you the best ways of proceeding which is extremely invaluable information
A business plan is a living document meaning it always changes as the business progresses, successful entrepreneurs often avoid the analysis paralysis of getting lots of data and assumptions, and than once the business is started they refine there plan using what they learned
E.X. Alex D’ Arbeloff founder of large public scientific instruments company founded his company he wrote a short plan couple pages in length, he only focused on the key pieces of information that
80 Marks
25 Marks Multiple Choice- from readings on the base concepts
40 Marks Short Answer- questions from lectures more in depth explanation and application
15 Marks Problems- 3 questions
Business Planning- 7 marks- Unit 1/ Chapter 8- Writing and effective business plan -3 M/C
Benefits of writing a business plan
A business plan is a formal written document that explains the entrepreneur’s vision and how it will be converted into a profitable viable business
Often once the business is launched it does not follow the steps and time line outlines in the business plan so why make one, the answer is because it is hard to get somewhere unless you know where you want to go
It is not just a document that is to persuade investors it is a road map to converting your ideas and vision into a real functioning business
Writing a business plan requires you to carefully and fully address a number of complex issues relating to the process off converting your idea into a business: how it will be produced, how it will be priced, how it will be marketed, how it will compare to competitors what financial resources are needed how they will be used
It explains what the venture is trying to accomplish and how it will attain these goals, this is what venture capitalists seek and the clearer the links of the goals sought after and the means of accomplishing them the more impressive the business will be
It teaches you the best ways of proceeding which is extremely invaluable information
A business plan is a living document meaning it always changes as the business progresses, successful entrepreneurs often avoid the analysis paralysis of getting lots of data and assumptions, and than once the business is started they refine there plan using what they learned
E.X. Alex D’ Arbeloff founder of large public scientific instruments company founded his company he wrote a short plan couple pages in length, he only focused on the key pieces of information that