an income statement? What are the three numbers that receive the most attention when evaluating an income statement? Why are these numbers important?...
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Question

What are the differences between a summary business plan, a full business plan, and an operational business plan?

  1. What are the two primary reasons for those starting a new venture to create business plan? Explain
  2. What are the advantages and disadvantages of organizing a new firm as a sole proprietorship?
  3. What is the purpose of an income statement? What are the three numbers that receive the most attention when evaluating an income statement? Why are these numbers important?
  4. What are the major categories of assets and liabilities on a balance sheet? Briefly explain each category.
  5. What is the difference between a heterogeneous and a homogeneous founding team? Which type of team has the advantage?
  6. What is a business angel? Describe the prototypical business angel. How much money do business angels typically invest in a single company?
  7. What is the purpose of an elevator speech? Why is preparing an elevator speech one of the first things an entrepreneur should do in the process of raising money? 

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