Entrepreneurship Study Guide Exam Question and Answers
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Entrepreneurship Study Guide Exam Question and Answers
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Entrepreneurship Study Guide Exam Question and Answers EXECUTIVE SUMMARY Answer: is commonly the last section to be written after all other major parts have been completed, i t is the next major part of the business plan after the introduction. It points out the overall highlights of the business plan as well as bird's eye view of its sections. However, the executive summary must not, in any manner, provide a summary of the different major sections of the business plan. It must be written in a simple language that can be easily understood and at the same time attract the attention and influence the decision of the reader. Although there is no standard format as to its sections and contents, the executive summary must included the following sections: Answer: 1. Vision, mission, goals, and objectives of the business 2. Business model 3. Business and product position 4. Wealth improvement approaches 5. Parties supporting the business VISION, MISSION, GOALS, AND OBJECTIVES Answer: At the very outset, the business plan must depict the fundamental characteristics, nature, philosophical values, iden tity, and image of the business. These important concerns are embodied in the vision, mission, goals, and objectives (VMGO) of the business. The VMGO must be clearly stated and easily understood. They must be reviewed and revisited at least every thre e years to determine whether they are still reasonable and achievable in view of the rapid changes in the business community. BUSINESS MODEL Answer: defines the perspective of the business in terms of its structure, production, operation, and financial a ctivities that will lead to the achievement of the VGMO. There is no standard model that will exactly fit all types of business because they have different strengths and weaknesses, infrastructures networks, and value propositions. The business model m ust basically reflect certain motivations that will indicate the competitiveness of the business in the industry. It must define how the business importance of its relations with customers, creditors, supplies, and internal human resources. BUSINESS AND PRODUCT POSITION Answer: will help determine how the business defines its course and the process of accumulating wealth. It tells the size of the market and the target market share of the business and product. The business and product pos ition must be able to convince the readers that the proposed business has a competitive advantage in the market. WEALTH IMPROVEMENT APPROACHES Answer: This section of the executive summary describes the methodologies or approaches that will be taken by t he business in order to 1. Maintain a competitive advantage 2. Position the business in the market 3. Improve the market share, and 4. Maxim ize the utilization of resources This section also includes a brief discussion of the marketing policies and fina ncial operations of the business, and the profitability is level of the industry and of the business. Standard benchmarks are good indicators in assessing the economic performance of the business. PARTIES SUPPORTING THE BUSINESS Answer: The last section of the executive summary is a description of the parties that strongly support the business. The parties that have a direct relationship with the business are as follows: 1. Consumers 2. Creditors 3. Suppliers 4. Employees and staff Relevant information about individuals and parties that support the business is Important since the proposed business may conduct transactions with them later. The executive summary must cover at least three pages but must not go beyond five pages. An executive summary that is either too short or too long may discourage the reader to continue reading. ENVIRONMENTAL ANALYSIS Answer: It is a strategic tool that helps determine the external and internal factors affecting the performance of the business. These factors may be political, economic, social, or technological in nature. The environmental analysis may consist of at least 20 pages including the graphical representations, tables, and computations. The environmental analysis section is considered the heart of the business plan.
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