UNDERSTANDING BUSINESS (LL/ACCESS)
13th Edition
ISBN: 9781264671656
Author: Nickels
Publisher: MCG
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Chapter 6.4, Problem 5TP
Summary Introduction
To determine: Any five sections out of nine sections in the business plan.
Introduction:
A detailed written statement, which explains the nature of the business, the target market, the benefits the business will have over competition, and the qualifications and resources of the owner is termed as business plan.
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Writing a business plan is your map to how you are going to operate. Regardless of whether you are interested in taking over an existing business or starting a new one; they both have challenges that you will need to overcome in order to succeed. Discuss one of the challenges in starting a new business and how you may be able to address that challenge with a well-designed business plan. Your challenge can be unique to either a start-up or on-going business or both.
What elements are included in the "Business Idea" section of a written business plan?
Explain why the executive summary is the most important section of any business plan ?
Chapter 6 Solutions
UNDERSTANDING BUSINESS (LL/ACCESS)
Ch. 6.1 - Prob. 6.1AQCh. 6.1 - Megan Gibson has always been a big fan of peanut...Ch. 6.1 - Prob. 6.1CQCh. 6.1 - Prob. 6.1DQCh. 6.1 - Prob. 6.1EQCh. 6.1 - Prob. 1TPCh. 6.1 - Prob. 2TPCh. 6.1 - Prob. 3TPCh. 6.1 - Prob. 4TPCh. 6.2 - When Roni Di Lullas dog Midnight had trouble...
Ch. 6.3 - Prob. 1MEDCh. 6.4 - Prob. 6.4AQCh. 6.4 - Prob. 6.4BQCh. 6.4 - Prob. 5TPCh. 6.5 - Prob. 6.5AQCh. 6.5 - Prob. 6TPCh. 6.5 - Prob. 7TPCh. 6 - Prob. 1CECh. 6 - General repair service-paints, makes household...Ch. 6 - Prob. 3CECh. 6 - Prob. 4CECh. 6 - Prob. 1CTCh. 6 - Prob. 2CTCh. 6 - Prob. 3CTCh. 6 - Prob. 1DCSCh. 6 - Prob. 2DCSCh. 6 - Prob. 3DCSCh. 6 - Prob. 4DCSCh. 6 - Prob. 5DCSCh. 6 - Prob. 1PPTCh. 6 - Prob. 2PPTCh. 6 - Prob. 1VCCh. 6 - Prob. 2VCCh. 6 - Prob. 3VC
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- What are the eight elements that should be included in the executive summary of a business plan?arrow_forwardThe following are the fundamental questions to consider when starting a business EXCEPT: Do you have a viable concept? Is the reason you want to start a business consistent with your character and concept? Do you know how to run a business? Do you have what it takes? 3arrow_forwardYou plan to open a new business. Before you can approach a potential investor, you will need a strong plan. Describe the purpose and components of a business model and write a one-paragraph business model description for a business of your choice.arrow_forward
- Make a short/mini business plan by filling up the table, make a vision of your business, note this is just a planarrow_forwardDiscuss the benefits of writing a business plan.arrow_forwardExplain the outlines of creating a business plan and explain the difficulties one might face in creating one.arrow_forward
- What are the key legal considerations for starting a new business? Discuss the necessary steps and legal requirements involved in business registration, obtaining licenses and permits, and complying with tax regulations.arrow_forwardPutting your business plan in writing helps you communicate your ideas to others. Do you think discussing your business plan out loud in a meeting can also help get your ideas across? Why or why not?arrow_forwardDevelop a business idea not exceeding 500 words. If you have an opportunity to start a business, what kind of business will you start? Mention about: (i) The industry and product/service you are interested in. (ii) State why you are interested in that business. (iii) Who will be your customers and competitors? (iv) The initial amount you may require starting your business.arrow_forward
- Why should a business plan be updated?arrow_forwardJuan is an entrepreneur who is starting a new business, and he knows that those first years of the company are essential to long-term success and growth. However, he is not clear about the challenges ahead of him. Therefore, Juan needs your advice in identifying at least ten challenges. Your guidance consists of listing and describing ten challenges and explaining how he can avoid them.arrow_forwardBusiness plans are developed for both internal and external purposes. The most commonexternal purpose for a business plan is to raise capital.a. State two (2) internal purpose of a business plan b. Explain two (2) business planning principles c. State and explain three (3) components of a business planarrow_forward
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