Reference no: EM133434115

Question

1. A business plan is a comprehensive document that describes a company's mission, structure, objectives, and operations.

True

False

2. At what phase of a company's life is creating a comprehensive business plan appropriate?

After Company is Up and Running

When Company is Seeking Funding

All 3 Stages.

Before the Company is Launched

3. Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization's direction in response to a changing environment.

True

False

4. Effective strategic planning articulates not only where an organization is going and the actions needed to make progress, but also how it will know if it is successful.

True

False

5. A strategic plan is a document used to communicate with the organization the organization's goals, the actions needed to achieve those goals, and all of the other critical elements developed during the planning stage.

True

False

6. What are the parts of a SWOT Analysis?

Weaknesses

Threats

Strengths

Operations

7. Why is a business plan important?

Allows a company to think through ideas without putting too much money into them and, ultimately, losing in the end.

Outlines all the projected costs and possible pitfalls of each decision.

It's okay to operate without a business plan.

Very few companies are able to last very long without one.

Banks and venture capital firms require a business plan before considering providing capital to new businesses.