Understanding the Importance of Business Planning and Crafting a Compelling Elevator Pitch, Quizzes of Entrepreneurship Development

Download Understanding the Importance of Business Planning and Crafting a Compelling Elevator Pitch and more Quizzes Entrepreneurship Development in PDF only on Docsity! TERM 1 Business plan DEFINITION 1 -A detailed road map for converting a recognized opportunity into a profitable business -Persuades potential investors - Contributes to the ultimate success of the venture TERM 2 Elevator Pitch DEFINITION 2 -A short (30 seconds to 2 minutes) verbal delivery of the essential elements of the Executive Summary. TERM 3 Benefits DEFINITION 3 -_____of planning: -Faster decisions -Minimizes bottlenecks (typically bottleneck ends up being the entrepreneurs themselves-so planning helps avoid this. Helps founders know what to do next -Planning involves goal setting. Goals motivate and guide others behavior TERM 4 -Orderly -Succinct -Persuasive -In proper form DEFINITION 4 impact of business plans on success TERM 5 Executive Summary: DEFINITION 5 - -provides a brief, clear and persuasive overview of the new venture