A Quick Business Plan Quiz
1. A comprehensive written Business plan is only needed if you are seeking
funding?
[ ] True
[ ] False
2. A written Business Plan is obsolete today when all that’s really needed is a solid
marketing plan?
[ ] True
[ ] False
3. One of the major reasons business plans never get written is most business
owners don’t know how to get started?
[ ] True
[ ] False
4. The most difficult section of a business plan for most people to complete is the
financial section?
[ ] True
[ ] False
5. The first section any lending officer or investor will look at is the financial section?
[ ] True
[ ] False
6. According to Venture Capitalists, the single most important part of a business
plan and one they most likely will make a positive decision on is:
(a) Marketing summary (b) Financials (c) Management summary
(d) Executive summary
Answer_______
7. Business plans are written only for the more complicated businesses?
[ ] True
[ ] False
8. List here your biggest obstacle to completing a business plan for your business:
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
____________________________
Answers:
1. False. If you are about to enter business, a business plan is a must. It will be
your roadmap to success. It will not only allow you to set clear objectives and
strategies, but help you determine your financial and marketing requirements
and how you will go about getting customers and keeping them.. For existing
businesses it’s not only important for funds but for employees who need to
know the direction and objectives of the company.
2. False. There are just as many people who decide NOT to go into business
after they have written a plan, than do. Why? They determined they do not
have enough funds to get started or the concept or idea or product needs
more work or they lack the management experience required to make this
business work.
3. True. Most people do not know where to start to write a business plan or lack
the writing skills. By doing your homework, getting counseling and attending
low cost workshops, anyone can develop a business plan.
4. True. Most people think they have to be a CPA or accountant to complete
the financial section of their plan. If math is not your thing, find a financial
person to help you put your financial section tougher. It’s important that you
be with that person when it gets done so you understand the elements.
5. False. Most qualified lenders and investors will look at the executive
summary first, so it better be concise and have all the information within two
or three pages at most. (The company, products and services, objectives;
keys to success; marketing summary, management summary, financial
summary, money needed and for what purpose.
6. (C) Who are going to run the company, the team pulled together and their
expertise and experience are keys.
7. False. Every business should have a written business plan whether it be an
informal plan or formal one.
8. After you listed your biggest obstacle to completing your business plan…write
out an action plan of how you are going to overcome that challenge….utilize
all the free resources for help you have at your disposal (The SBA; SCORE;
the SBDC, WEV)
A caution: If purchasing a business plan on-line or from a consultant, be sure you fully
understand it and how it was compiled and key factors from within so you can answer
every single question that may be asked of you. To test your own business plan, list all
the possible questions that will be asked of it….and be sure you have the answers
Sign-up now for Mike’s small business library for some great
business plan guidelines and hints.