Chapter 5-1
Notes and Vocabulary
A Business Concept is-
The four Elements of a Business Concept1.
2.
3.
4.
A feature is –
A benefit is-
A Concept statement is-
A feasibility analysis helps
The seven aspects of testing a concept1.
2.
3.
4.
5.
6.
7.
1
An industry is-
Target customers are-
A prototype is-
A competitive grid is-
See page 98 for an example of a grid.
A business model-
The value chain is-
Unit 5-2
The Business Plan
The Headings of the Business Plan:
Executive Summary-
Management Team Plan-
Company Description-
Product and Service-
Vision Statement-
Mission Statement-
Industry Overview-
2
Market Analysis-
Competitive Analysis-
Marketing Plan-
Operational Plan-
Distribution Channel-
Direct Channel-
Indirect Channel-
Organizational Plan-
Financial Plan-
Growth Plan-
Contingency Plan-
Cover Page-
Title Page-
Table of Contents-
Supporting Documents-
3
Common Mistakes in Preparing Businesses Plans
Projecting Exaggerated Growth Levels-
Trying to be the Jack-of-all Trades-
Claiming Performance that exceeds Industry Averages-
Underestimating the need for Capital-
Sources of Business Plan Information
The SBA-
ScoreSBDC’s-
Chamber of Commerce-
4