Page 110 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT

Unit 7: Building the Business Plan

Investor: An individual who commits money to investment products with the expectation of Notes
financial return.
Lenders: Someone who lends money or gives credit in business matters.

Roadmap: It is a detailed plan or explanation to guide you in setting standards or determining
a course of action.
Stakeholder: He is a person, group, organization, member or system who affects or can be
affected by an organization’s actions.

7.6 Review Questions

1. You want to start up a business, why do you need to prepare a Business plans? Explain.

2. In preparing Business plans, what are the different aspects, you must look into? Explain.
3. Discuss feasibility analysis. Discuss its types. How did it influence the Business Plan?
4. What is market research? Discuss with relevant examples.
5. Is a business plan important to the entrepreneur? Comment.
6. Determine the essentials of a good project report.

7. Explain the following:
(a) Financial aspects of the Business plans
(b) Marketing aspects of the Business plans

(c) HR aspects of Business plans
(d) Technical aspects of the Business plans
(e) Social aspects of the Business plans.
8. Write a note on various methods of idea generation. If a firm asks you to generate an idea
of a service that provides fresh and hot food to the office employees during lunch, what
would be your idea and how will you market it.

9. Suppose you are given the responsibility of scanning the environment for your business.
What problems you may face?
10. Take an example of a business house and trace its journey from its inception till today.
Mention the role of its human resource in its success.

Answers: Self Assessment

1. Roadmap 2. Innovative
3. Vision 4. Existing
5. Blueprint 6. False

7. True 8. False
9. True 10. True
11. Business Plan 12. Value
13. Creative 14. Formal, Informal

15. Industry

LOVELY PROFESSIONAL UNIVERSITY 105