Understanding Business
13th Edition
ISBN: 9781264249527
Author: Nickels, William G.
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
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.
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Chapter 6 Solutions
Understanding Business
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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- The 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_forwardDiscuss the benefits of writing a business plan.arrow_forward
- Explain the outlines of creating a business plan and explain the difficulties one might face in creating one.arrow_forwardWhat 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_forward
- Why should a business plan be updated?arrow_forwardThe business plan is essential to funding a business. What is a business plan? The precursor to the business plan is to avoid possible pitfalls. Name and explain four pitfalls one needs to avoid when in the process of building a business plan.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
- I need to make a business proposal regarding a Coffee and Dine business. What specific informations should I provide on my business proposal?arrow_forwardREFLECTION: If you're thinking about starting a business, most likely you have dreamed of one that involves your interests. But, what does the market need or want? Do you know who is buying what and how much, or how, where and why they are buying those goods or services already? Determining the marketability of your start-up business is typically done in the context of creating a business plan and performing an analysis of your competition. It requires research into areas of marketability,arrow_forwardWhat is the importance of preparing a business plan before engaging into a business venture? Discuss three.arrow_forward
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