How can spending time researching and writing a business plan save an entrepreneur time and money in the short and long term?

Week3 Assignment MSB

From Chapters 4 and 5

In your own words and with ethical scholarship, complete the following:

I. Chapter 4

Key Concept Questions

1 Explain why a prospective business founder might want to create a feasibility study or Business Model Canvas before developing a complete business plan.
Explain why the executive summary is the most important section of any business plan.

2 One mistake entrepreneurs make in their business plans is that of only including an income statement. What other financial statements should be incorporated and why?

3 Print an assignment, or any body of text, with 1-inch margins, double spaced, using 12-point Times New Roman. Then, print the same document with 0.8-inch margins, single-spaced, using a 10-point Arial typeface. Which is easier to read? Why? How would this relate to a business plan?

4 Name three categories of investors/lenders that might have an interest in your business plan.

5 How can spending time researching and writing a business plan save an entrepreneur time and money in the short and long term?

6 Why is it important to identify a business’s culture from the beginning?

II. Chapter 5

Critical Thinking Exercise

1. Use the attached charts to define a business you would like to start and analyze your competitive advantage.

Mariotti, S., & Glackin, C. (2015). Entrepreneurship and Small Business Management (2nd ed.). [VitalSource Bookshelf].

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