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Topic: Starting a business 1: Business Plans

An exercise to help you learn & practice words and expressions relating to all aspects of starting a business. Whether you're looking to start a small business or set up a franchise, this exercise will help you practice all the important vocabulary.

Choose the best response to complete each of the sentences below.

1. A good business plan defines your business and ___________________ ( = describes/lists) your goals.
  identifies
  indents
  idealizes

2. A lot ___________________ ( = depends) upon how comprehensive your business plan is.
  hinges
  haggles
  hassles

3. A list of your assets, liabilities and net worth is what's known as a ___________________ sheet.
  balanced
  balancing
  balance

4. Many new business owners rely on ___________________ ( = funding from other sources, not their own) to start and develop their business.
  outer funding
  outside funding
  other funds

5. How do you plan to get the financial ___________________ ( = money, etc.) to start your business?
  recourse
  recurrence
  resources

6. A cash ___________________ analysis is an analysis of a company's financial "health".
  flow
  flowing
  flood

7. You shouldn't ___________________ when it comes to drawing up a business plan. ( = You shouldn't take too long to finish it)
  drag your feet
  drag your shoes
  drag it along

8. We have a well ___________________ vision for our business.
  thought
  strong
  thought-out

9. Your business's ___________________ refers to how easy (or difficult) it is to market/promote it.
  market savvy
  marketability
  market watch

10. Any bank will want to make sure your business has a good chance of being ___________________ before giving you a loan.
  profit-oriented
  profitable
  profit-sharing

(Your answers will be displayed in a new window)

VOCABULARY REVIEW: Business plans

Need to review common terms relating to (and used in) business plans? We've got you covered!

Business plan
Definition:
A business plan is a written document that explains a business idea and shows how the business will operate, grow, and make money. It is often used to attract investors or guide the company's future decisions.
Example:
She wrote a business plan before starting her online store.

Executive summary
Definition:
An executive summary is a short overview of the entire business plan. It highlights the main goals, products, and financial expectations so readers can quickly understand the idea.
Example:
Investors usually read the executive summary first.

Business objectives
Definition:
Business objectives are the specific goals a company wants to achieve, such as increasing sales, entering new markets, or gaining customers.
Example:
One of the business objectives is to grow revenue by 20 percent.

Target market
Definition:
The target market is the group of customers a business plans to sell its products or services to, based on factors like age, income, and needs.
Example:
The target market for this product is young professionals.

Market analysis
Definition:
Market analysis is the process of studying customers, competitors, and industry trends to understand business opportunities and risks.
Example:
The market analysis showed strong demand for eco-friendly products.

MATERIALS TO HELP YOU LEARN (AND TEACH!):
BUSINESS ENGLISH GLOSSARY
BUSINESS ENGLISH WORKSHEET COLLECTION

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