A business plan is a form of proposal. If you are serious about starting a business, you will need to write a comprehensive, thoughtful business plan that ensures you have done your homework and know what it takes to launch your business. Moreover, business plans are necessary to secure financial support. For instance, when you start your own business, you need financial backing, such as a loan or venture capital supplied by investors. To secure financial backing, your business plan needs to be accurate and persuasive. Make sure you spend ample time carefully composing this type of proposal.
1. A business plan’s letter of transmittal should contain (tables exhibiting sales forecasts / contact information for all principals / a table of contents) .
Read the scenario, and then answer the question.
You are starting a coffee business in Seattle and have begun to write your company description.
2. What should you include in your description? Check all that apply.
Promotional materials
Market trends and projected growth
The type of business
The form of business
Read the scenario, and then answer the question.
You are an angel investor considering investing in a new medical instruments company.
3. As you review the company’s business plan, what do you expect to see in the company description?
Descriptions of products and services the company will offer
Whether or not the business is a partnership or corporation
A clear and persuasive request for financial backing
Unlike proposals, formal reports don’t make an offer; instead, they represent the end product of a thorough investigation and analysis. They provide an ordered way to present information to decision makers and are divided into segments to make information comprehensible and accessible.
Consider the scenario, and then answer the question.
Your coworker is writing her first formal report. As you are proofreading the report for her, you notice she doesn’t have a letter or memo of transmittal. When you tell her it is missing, she asks you about the purpose of the letter or memo of transmittal.
4. What can you tell her?
A letter or memo of transmittal acts as an introduction to a formal report.
A letter or memo of transmittal lists the figures used in a report.
A letter or memo of transmittal provides a place to record the headings and page numbers in your report.
5. When writing an executive summary for a formal report, make sure you (summarize key points / emphasize technical language / eliminate headings).
6. Which element of a report’s introduction is being defined?
This element orients readers by previewing the structure of the report.
Organization
Sources and methods
Definitions of key terms
7. Which element of a report’s introduction is being defined?
This element summarizes what other authors and researchers have published about your topic.
Literature review
Sources and methods
Scope