BU121 Study Guide - Midterm Guide: Post Hoc Ergo Propter Hoc, Seven Deadly Sins, Plaintext
Document Summary
Unit 3/chapter 14- using financial information and accounting and lab. Model of business planning: prepare a simple plan, start the business, refine plan from experience, continue to grow. Characteristics of a well-prepared plan: orderly: proper business form, succinct: the shorter the better, persuasive: begin strong and continue strong decisions made quick. ** emphasize quality of idea and its economic potential. 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. Final projections based largely on an exercise of wishful thinking. 5 things an entrepreneur must accomplish: make meaning, make mantra, get going, define a business model, weave a mat (milestones, assumptions, tasks) Reasons for writing a business plan: get investors to give you money, forces founding team to work together, makes team consider issues it glossed over in the euphoria, uncovers holes in the founding team.
