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Midterm

BU121 Study Guide - Midterm Guide: Post Hoc Ergo Propter Hoc, Seven Deadly Sins, Plaintext


Department
Business
Course Code
BU121
Professor
Laura Allan
Study Guide
Midterm

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BUSINESS PLANNING 7 MARKS 2
UNIT1/CHAPTER 8- WRITING AN EFFECTIVE BUSINESS PLAN 2
LECTURE- ART OF THE START 2
COMMUNICATION 8 MARKS 3
UNIT 2- BUSINESS WRITING 3
LECTURE: MADE TO STICK 3
DISC & EI 7 MARKS 4
LAB MANUAL (P.118-135) 4
LECTURE 4
CRITICAL THINKING 7 MARKS 5
LAB MANUAL READING & EXERCISES 5
MARKETING 24 MARKS 6
UNIT 3/ CHAPTER 12: UNDERSTANDING THE CUSTOMER 6
LECTURE- UNDERSTANDING THE CUSTOMER 7
UNIT 3/CHAPTER 13: CREATING MARKETING STRATEGIES 8
PRODUCT 8
PRICING 9
PLACE/DISTRIBUTION 9
PROMOTION 10
FINANCE 27 MARKS 11
UNIT 3/CHAPTER 14- USING FINANCIAL INFORMATION AND ACCOUNTING AND LAB 11
LECTURE: ENTREPRENEURIAL FINANCE 11

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Midterm review BU121
Business Planning
Unit1/Chapter 8- Writing an Effective Business Plan
Why write a business plan
1. Difficult to arrive somewhere unless you know where you are going
2. Road map for converting your ideas into a real functional business
3. Helps in the process of planning
4. Explains goals and how to accomplish them
Model of business planning
1. Prepare a simple plan
2. Start the business
3. Refine plan from experience
4. Continue to grow
KEY QUESTIONS ANSWERED:
Characteristics Of A Well-Prepared Plan:
1. Orderly: proper business form
2. Succinct: the shorter the better
3. Persuasive: begin strong and continue strong decisions made quick
** emphasize quality of idea and its‘ economic potential
Critical Risks:
Describing what might go wrong recognizing dangers is the first step to
overcoming them with strategies
Milestones: goals you want to accomplish by a certain date
Seven deadly sins of a business plan
1. Poorly prepared and unprofessional looking
2. Too slick (i.e. flashy graphics, laminated)
3. Executive summary is too long
4. Not clear where the product is in terms of development
5. No answer provided to the question: why would anyone buy this
6. No statement of qualifications of management team
Final projections based largely on an exercise of wishful thinking
Lecture- Art of the Start
5 things an entrepreneur must accomplish

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1. Make meaning
2. Make mantra
3. Get going
4. Define a business model
5. Weave a MAT (milestones, assumptions, tasks)
Reasons for writing a business plan
1. Get investors to give you money
2. Forces founding team to work together
3. Makes team consider issues it glossed over in the euphoria
4. Uncovers holes in the founding team
Communication
Unit 2- Business Writing
4 principles of writing a business message
1. Purposeful: solve problem and convey information
2. Persuasive: make audience believe and accept message
3. Economical: present ideas clearly and concisely
4. Audience-oriented: look at problem from readers perspective
3 X 3 writing process
1. Prewriting (thinking and planning) - 25%
- Analyze purpose, anticipate profile of audience, adapt techniques of
message to fit anticipated response
2. Writing (organizing and composing) - 25%
- Research data, organize similar facts, compose rough draft
3. Revising - 50% (45% revising, 5% proofreading)
- Revise message, proofread message, evaluate if message is achieved.
Lecture: Made to Stick
Definition of sticky
- Understandable, memorable, and effective in changing through or behaviour
Success model principles
- Why they affect stickiness, how to achieve them
Principles
1. Simplicity
- Why: must be core and compact for people to understand and pay attention to
the message
- How: forced prioritization, communicating only the CORE
- Use proverbs, existing scheme, analogies, and generative metaphors
2. Unexpectedness
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