Why is the executive summary perhaps the most important section of the business plan?

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textbook site quizes for ch 1-4
Why is the executive summary perhaps the most important section of the business?
Why is executive summary important to a business?
What is the most important section of the business plan?

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textbook site quizes for ch 1-4

Question	Answer
Entrepreneurial behavior typically requires	willingness to take risks, drive, and creativity
_____ is the position of a firm on a continuum ranging from highly conservative to highly entrepreneurial.	Entrepreneurial intensity
What is the most common reason given for why people choose to become entrepreneurs?	To be their own boss
Some entrepreneurs report that the financial rewards associated with entrepreneurship can be bittersweet if they are accompanied by ________.	losing control of the firm
Some characteristics shared by successful entrepreneurs are	passion, product/customer focus., tenacity despite failure.
What are some common myths about entrepreneurs?	Entrepreneurs are born, not made, Entrepreneurs are gamblers, Entrepreneurs love the spotlight
What do you call small firms that yield a level of income for their owner that is similar to what they would earn when working for an employer?	salary-substitute firm
_____ of the 27.5 million businesses in the Unites States are owned by women, minorities, seniors, and young people.	A growing number
Influence on innovation and job creation best typifies entrepreneurial firms' ________.	economic impact
The entrepreneurial process is comprised of what steps	deciding to become an entrepreneur, managing and growing the entrepreneurial firm, moving from an idea to an entrepreneurial firm
T/F According to the textbook In the United States, approximately one-third of new firms fail within their first four years.	True
T/F Entrepreneur and inventor mean essentially the same thing	False
T/F Entrepreneurship only pertains to starting new businesses, not existing firms	False
T/F The average entrepreneur does NOT make more money than someone with a similar amount of responsibility in a traditional job.	True
T/F The number one characteristic shared by successful entrepreneurs is creativity.	False
T/F Execution intelligence refers to developing a business model, putting together a new venture team, raising money, establishing partnerships, managing finances and leading and motivating employees.	True
T/F According to research, most entrepreneurs are born, not made	False
T/F Only individuals that thrive on taking big risks have the right personality to be an entrepreneur	False
T/F After winning a medal for diving in the Olympics, Cheryl starts a diving instruction school. This is an example of a lifestyle firm.	True
T/F In recent years, the fastest growing areas for women-owned firms have been in cosmetology, fashion merchandising, and hair salons.	False
What are the steps of the entrepreneurial process?	Step 1. Deciding, Step 2. Developing ideas, Step 3. Moving idea to an entrepreneurial firm, Step 4. Managing and growing firm
What are some of entrepreneurship's importance to the economy and society as a whole:	:-Innovation,-Job creation, improve society, assist larger firms.
What are some of entrepreneurship's importance to society	Improvements in healthcare, Help people be more productive, Products and services that make our lives easier, Products and services that entertain us,
What are some of entrepreneurship's importance to Larger firms	:Provide Components, Efficiency, Partnering
_____ is a favorable set of circumstances that creates a need for a new product, service, or business.	An opportunity
_____, _____, _____ are some ways to identify an opportunity	observing trends, solving a problem, finding gaps in the marketplace.
Which environmental force pertains most to a trend such as the continual increase in the use of cellphones?	social forces
Entrepreneurs can recognize problems and find ways to solve them through steps such as____, _____, & _____	problems in emerging trends, framing a problem differently than it's been thought of before, and then proposing an appropriate solution, experiencing a problem in one's own life, and then realizing the solution represents a business opportunity.
_____, _____, & _____ are characteristics shared by those who excel at recognizing opportunities.	prior experience, entrepreneurial alertness, social contacts and ties with others.
_____ is the process of generating a novel or useful idea.	Creativity
What is the first stage of the creativity process?	Preparation
Which technique for generating ideas depends on freewheeling, the carefree expression of ideas free of rules or restraints?	Brainstorming
Focus groups usually work best as a ________.	follow up to brainstorming
An underutilized source of information for generating business ideas is ________.	the library
T/F An idea is a favorable set of circumstances that creates a need for a new product, service, or business.	False
T/F Window of opportunity relates to the time period in which a firm can realistically enter a new market	True
T/F As an entrepreneur, it is important to be aware of changes in trends	True
T/F Major retailers that serve large groups of customers with similar needs by competing mainly on price would be an example of finding gaps in the marketplace	False
T/F Often, entrepreneurs are able to pursue an opportunity even before it is recognized as an opportunity	False
T/F Entrepreneurial alertness is largely a learned skill.	True
T/F It is more likely that an entrepreneur will get a business idea through a weak-tie relationship (infrequent interaction between casual acquaintances), than through a strong-tie relationship (frequent interaction between friends and co-workers).	True
T/F Studies show that less than a quarter of start-up ideas emerge from a person's prior work experience	False
T/F Brainstorming sessions are structured discussions that stay focused on one idea until an opportunity is identified.	False
T/F Much of the effectiveness of a focus group session depends on the careful recruiting of over 20 participants.	False
What are the essential qualities of an opportunity?	-Attractive, Durable, Timely, Anchored in or relates to a product or service that creates or adds value for its user
Researchers have identified several characteristics that tend to make some people better at recognizing opportunities than others.	prior experience, better at sizing up the marketplace, extensive social and professional contacts, and creativity
The most effective businesses emerge from a process that includes ____, ____, & _____	writing a business plan, testing the feasibility of the idea, recognizing a business idea.
______ is an example of primary research	administering surveys
_____ is an assessment of the overall appeal of the product or service being proposed.	Product/service feasibility analysis
_____, ______, & ______ are normally included in the concept test	a description of the product or service, the intended target market, the benefits of the product or service.
_____, ______, & ______ are suitable questions to ascertain Product/Service Desirability	Does it make sense, Is this a good time to introduce the product or service in the market, Are there any fatal flaws in the product or service's basic design or concept?
_____, ______, & _____are characteristics of attractive industries	the industry is young, the industry is fragmented, the industry has high operating margins.
_____ is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business.	Organizational feasibility analysis
The ability to obtain intellectual property protection on key aspects of the business is most likely an issue related to _____.	resource sufficiency
What is the final step of a comprehensive feasibility analysis?	financial feasibility analysis
The projected financial return to assess whether the venture is financially feasible considers _____, ______, & _____	amount of capital invested, existing alternatives for the money being invested, risks assumed in launching the business.
T/F The process of determining if a business idea is viable is the development of a business plan	False
T/F Many entrepreneurs make the mistake of identifying a business idea and then jumping directly to writing a business plan to describe and gain support for the idea.	True
T/F A concept test is the first physical depiction of a new product.	False
T/F Some entrepreneurs conduct their initial product/ service feasibility analysis by simply talking about their product or service idea with others before deciding to move forward	True
T/F Three important ways to accumulate evidence that there will be healthy demand for a product or service are with library, Internet and gumshoe research.	True
T/F An industry is a group of firms producing a similar product or service	True
T/F A target market is a place within a larger market segment that represents a broader group of customers with different needs	False
T/F Two of the most important factors related to management prowess are passion for the business idea and understanding the markets in which the firm will participate.	True
T/F The adequacy of the labor pool poses a resource sufficiency issue	True
T/F For feasibility analysis, it is not typically required that an entrepreneur do a rigorous financial assessment	True
What are the major components of a comprehensive feasibility analysis?	Product/service feasibility analysis, Industry/market feasibility analysis, Organizational feasibility analysis, Financial feasibility analysis
What is the four step process effective businesses emerge from	Recognizing a business idea, Testing the feasibility of the idea, Writing a business plan, Launching the business
A business plan is important for the following reasons ____, _____, & _____	forces you to systematically think through each aspect of a new venture, provides an investor with something to react to, is a selling document that enables a company to present itself to potential suppliers and business partners.
Which type of business plan is meant primarily for an internal audience?	operational business plan
Why is the executive summary perhaps the most important section of the business plan?	If this section of the plan fails to attract an investor's interest, he or she is unlikely to read the remainder of the plan.
What does the business plan call noteworthy or significant events	a milestone
In which section of a business plan should the results of the feasibility analysis typically be presented?	Company Description
In which section of a business plan should issues like facilities and equipment be discussed?	Operations Plan
What are pro forma financial statements	forward-looking financial projections
Most business plan writers interpret a firm's pro forma financial statements through ________.	ratio analysis
____, _____, & _____ are commonly found in the appendix of a business plan	resumes of top management, photo, product prototype diagrams.
What characterizes the first meeting to present the business plan to investors?	The meeting typically lasts about an hour: 20-minutes for a PowerPoint presentation, and 40-minutes for questions.
T/F A full business plan should be written at the beginning of the entrepreneurial process	False
T/F A business plan is important not just for outside investors and suppliers, but also current and potential employees.	True
T/F The process of writing a business plan is NOT as valuable as the plan itself.	False
T/F As it is good to ensure that a business plan looks as professional as possible, a consultant or outside advisor should be the primary author of the plan.	False
T/F Because the executive summary appears at the beginning of the business plan, it should be created before the rest of the plan is created.	False
T/F A Board of Advisers has legal responsibility for the firm and gives binding advice	False
T/F The organizational chart should be presented in a graphical format if possible.	True
T/F The pro forma financial statements are the heart of the financial section of a business plan	True
T/F The appendix of a business plan should NOT contain any information that is vital to the plan	False
T/F Whether at an initial meeting with investors, or on subsequent occasions, an investor who seems particularly negative may benefit the entrepreneur.	True
Why is a business plan important?	A business plan forces you to think through every aspect of the new venture, and it communicates the merits of a new venture investors or bankers
The executive summary is _______ to the business plan, and as such, is the ____ important section of the plan.	it is meant to be a “summary” of the plan itself, it is arguably the “most” important section of the business plan if it fails the reader is unlikely to read the remainder of the plan.

Why is the executive summary perhaps the most important section of the business?

Why is the executive summary perhaps the most important section of the business plan? This section of the plan provides in-depth discussion of the major trends in the industry in which the firm intends to compete. This section of the plan summarizes the firm's key executives.

Why is executive summary important to a business?

“The executive summary of a business plan is designed to capture the reader's attention and briefly explain your business, the problem you are solving, the target audience, and key financial information,” Ross Kimbarovsky, CEO and founder of Crowdspring, told Business News Daily.

What is the most important section of the business plan?

The executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. Many of the people who review your business plan will decide, based solely on the executive summary, whether to continue reading.

Why is the executive summary perhaps the most important section of the business plan?

textbook site quizes for ch 1-4

Why is the executive summary perhaps the most important section of the business?

Why is executive summary important to a business?

What is the most important section of the business plan?

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