FG EXAMINATION

• The business plan is a planning tool. It is written for a purpose and describes an actual or intended organization, what the organization is trying to achieve or become, and how it will achieve its objectives, including both timing and how tasks will be allocated.

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• A business plan is more than a document. It's a guide that helps you outline and achieve your goals.

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• A business plan is the same as a feasibility study.

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• A business plan is prepared ahead of a feasibility study.

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• The executive summary provides readers with a concise, yet informative insight into the written material.

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• A feasibility study focuses on what steps are required to be completed if it is decided to go ahead with the proposed business launch.

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• The company overview includes the main points from each of the other sections to explain the basics of your business.

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• If business plans are rejected after first scrutiny, it is usually because they fail to reassure the reader that the marketing and sales strategies will deliver the promised outcomes.

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• The executive summary of a business plan must be completed first before accomplishing the business plan.

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• A business model provides information about an organization's target market, that market's need, and the role that the business's products or services will play in meeting those needs.

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• The company overview provides the reader of your business plan with basic background information about your company so they have an understanding of what you do, who the management team is, and what customers your business serves.

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• A business model is a conceptual framework to describe how a business creates, captures, and delivers value.

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• For a start-up business, typically one of the main goals of the business plan is to convince banks, angel investors, or venture capitalists to invest in your business by providing startup capital in the form of debt or equity financing.

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• The executive summary includes the VMO of the business being proposed.

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• A business model explains what it plans to sell and explains how it plans to market a product or service, lists its expected expenses and explains how it plans to make a profit.

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• A business plan is carried out with the aim of finding out the workability and profitability of a business venture.

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• The executive summary is often your initial face to a potential investor, so it is critically important that you create the right first impression.

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• A business plan is used to review the operations of an organization, to draw up a list of necessary changes in a coherent and easily understood form, and to get the agreement and support of everybody required to bring about or live with those changes.

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• The executive summary of a business plan gives the reader an overview of the business opportunity and your entire business plan.

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• A core component of a business model is your company's value proposition, which describes what your company offers to customers and why they would buy from you rather than the competition.

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