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Business Plans
Key Terms from the background reading
Question | Answer |
---|---|
business plan | A comprehensive document thoroughly describing the business to be undertaken. |
key personnel | Usually the entrepreneur, any partners, and the first level of personnel reporting directly to the president/CEO. |
operations | The daily processes and people needed for the business to function in a manner that satisfies customers. |
pro forma statements | Forward-looking financial statements that predict the future performance of the company. |
differentiate | To distinguish your business from competitors by offering novel or distinct goods, services, or prices. |
price | The amount you charge customers for your goods or services. |
product | A tangible (physical) item that you sell to customers. |
service | An intangible (nonphysical) offering that you provide to customers. |
SWOT analysis | A type of competitive analysis focusing on strengths, weaknesses, opportunities, and threats. |