[BU121] - Midterm Exam Guide - Ultimate 21 pages long Study Guide!

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BU121
MIDTERM EXAM
STUDY GUIDE
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Business 121 Midterm Review Natasha Park
BUSINESS PLANNI N G
WHY WRITE THE BUSINESS PLAN
To gain funding for your venture. Take it to banks, or venture capitalists to get funds.
It is a detailed road map of how to proceed with the new venture  living document gives you direction
Entrepreneurs who prepare a business plan are more likely to attain success that those who do not.
Model of Business Planning
oDevelop a single, basic business plan.
oStart business.
oTake information gathered from business operations and refine and improve business plan.
Then expand the business.
Persuasion plays big role; venture capitalists quickly look and if argument is not persuasive, plan will be rejected.
SEVEN DEADLY SINS
The plan is poorly prepared and has an unprofessional look: no mistakes. Must look neat, tidy, and presentable.
The plan is far too slick; too fancy makes the investor wonder if the person is hiding something.
The exec summary is too long and rambling. It is not succinct: not worth the time.
Product development stage/process is unclear.
No clear identification of why anyone would want to buy the product or service.
No clear qualifications of the management team.
Financial projections are unreasonably optimistic and exorbitant.
5 THINGS AN ENTREPRENEUR MUST ACCOMPLISH
Make meaning:
oWhat learned: The best way to start an organization is to make meaning – create a product or service
that will make the world a better place. It’s not about money, power, or prestige.
oWhy learned: most powerful motivator and help you become more successful.
oHow to apply it: With this well understood meaning, the business will have a firm direction.
Make mantra:
oWhat learned: An internal verbal saying or formula that your business is founded upon.
oWhy learned: This will help provide a core internal message for the business to give it direction.
Get going:
oWhat learned: Don’t wait to develop the perfect product or service. Start the business once you have
enough information. Good is good enough.  not about how great you start, but how you end up
oWhy learned: Starting the business allows us to gather information.
oHow to apply it: With the information we get, we can refine the business, expand it, and make it better.
Define a business model:
oWhat learned: Define a business model to see how all the factors of the business are integrated
together. It helps identify how you will generate revenue.
oWhy learned: helps implement effective strategies; changes our way of operating.
oHow to apply it: Use the business model and GEL to help make a better business plan.
Weave a MAT (milestones, assumptions, and tasks).
oWhat learned: To understand the scope of what you’re undertaking, test assumptions quickly, and to set
milestones that the business must achieve (target dates)
oWhy learned: Helps find and fix major problems allows business to be prepared for any future obstacle.
REASONS FOR WRITING A BUSINESS PLAN
1
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Business 121 Midterm Review Natasha Park
Write for the right reasons
Must write a business plan to get funding from potential investors.
Forces the founding team to work together  uncovers any holes in the team so they can fix early
Makes the team consider any issues that had been previously glossed over.
The process is more important than the destination.
COMMUNICATION
4 PRINCIPLES OF BUSINESS WRITING
Purposeful: fulfill a purpose in each message that you write. Write to solve problems and convey information.
Persuasive: You want your audience to believe and accept your message.
Economical: Must present ideas clearly and concisely.
Audience oriented: Concentrate on writing the message from the perspective of the audience.
3 X 3 WRITING PROCESS
Prewriting 25% Writing 25% Revising 50%
Analyze: identify purpose
Why am I sending this
message and what do I hope
to achieve?
Is there a
primary/secondary?
What is the best way to
deliver the message? How
formal?
Research: gather information
Formal methods: Internet,
search manually, investigate
primary sources.
Informal methods: Look in the
files, talk to your superior, talk
to the target audience,
conduct an informal survey.
Revise: 45%
The message must now be
edited for clarity, conciseness,
and readability.
Consider using bulleted points
or list to make it easier and
more appealing
Anticipate: profile the audience
The person reading will be
thinking ‘what’s in it for
me?’ and ‘what am I
supposed to do with this
information?’
Knowing the audience helps
shape the message.
What do they already know?
What language is
appropriate?
Organize: group similar facts
Using lists and outlines:
Alphanumeric format uses
Roman numerals and shows
major and minor ideas.
Decimal format shows every
level relating to the whole.
Direct for receptive audience,
indirect for uninterested
Proofread: 5%
Spend time carefully reading
through the message and
locate any spelling, grammar,
punctuation errors.
Make sure that all the names,
numbers, and formats are
correct.
Whitespace, redundancies,
headings, long lead-ins
Adapt: to the task and audience
One important factor is tone.
Affects how the reader feels.
Use the ‘you’ view.
Keep it conversational but
professional.
Bias-free no stereotypes
Compose: first draft
first draft of your organized
message. This should be done
quickly as this will be revised
in the last step.
Direct method for positive,
indirect for negative/persuade
Active vs. passive voice
Evaluate:
Take a final look at the
message and ask yourself
‘Will this achieve the
purpose?’
Is the message appealing and
persuasive enough to get the
job done?
SUMMARY OF LEARNING OBJECTIVES
The ‘you’ view is writing a message through the readers perspective.
Must avoid exaggerations about ‘half-truths’ when writing about investments. Must have safety information if the
product contains something that can harm the user.
2
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Document Summary

B u s i n es s pl a n n i n g. Take it to banks, or venture capitalists to get funds. It is a detailed road map of how to proceed with the new venture living document gives you direction. Entrepreneurs who prepare a business plan are more likely to attain success that those who do not. Model of business planning: develop a single, basic business plan, start business, take information gathered from business operations and refine and improve business plan. Persuasion plays big role; venture capitalists quickly look and if argument is not persuasive, plan will be rejected. The plan is poorly prepared and has an unprofessional look: no mistakes. The plan is far too slick; too fancy makes the investor wonder if the person is hiding something. The exec summary is too long and rambling. It is not succinct: not worth the time.

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