True or False? A business plan provides financial information that shows how your business will earn & profit.
True
True or False? How a business will get & keep customers is not a part of a business plan.
False
True or False? A business plan does not give suppliers much confidence when it comes to extending credit.
False
True or False? Businesses must have a completely new product or service to convince investors that the idea is solid.
False
True or False? To convince readers that you have a practical business plan, you must include information and data from objective sources.
True
True or False? Writing an effective business plan should only take 24 hours.
False
True or False? Counselors from small business development centers and volunteers from SCORE can provide advise and workshops to help you develop your business plan.
True
True or False? Entrepreneurs can hire experts from trade associations to help them prepare business plans.
False
True or False? The internet is not a trusted source of information on how to develop a business plan.
False
True or False? A local Chamber of Commerce can provide information on trends affecting local businesses, local resources, and zoning and licensing information.
True
True or False? Entrepreneurs should avoid seeking advice from bankers or accountants because doing so will make them appear inexperienced and unqualified to run a business.
False
True or False? an undefined target market can ruin a business plan.
True
True or False? Copies of resumes help show that owners are qualified to manage a business.
True
True or False? A brief explanation of why you are asking for a loan and what you plan to do with the money is executive summary.
False
Writing a _______ can force entrepreneurs to think about their goals.
Business plan
A financial statement based on projected revenues is called an _____ financial statement.
Informal
True or False? All business plans have different purposes, so they do not all have the same basic elements.
True
A managing tool, communicating ideas, secure financing and help think about all aspects are things a ________ can help you do.
Business plan
______ require a business plan before they will consider financing a business.
Lenders
True or False? After your business is up and running you will rarely use your business plan.
False
Before they will consider financing a business lenders require _____
a business plan
After it is completed you can use your business plan to ________
manage your business
Medium - term sales objectives cover a period of about ______ years.
2-5
A business plan may help you secure _____ for your business.
Financing
A description of the industry in which you will operate your business is found in the ______ section of a business plan.
Marketing
The ______ section of a business plan discusses hiring producers.
operations
A common mistake made by many entrepreneurs is to provide _____ financial projections in their business plans.
unrealistic
A business plan should contain the same 3 basic compounds - introductory materials, _____, appendix.
main body
True or False? A letter that introduces and explains an accompanying document is a cover letter.
True
In many communities, the local Chamber of _____ offers assistance and information to entrepreneurs.
Commerce
The retired executives who volunteer with ____ provide free confidential advice that can help entrepreneurs prepare their business plans.
score
the cover letter for your business plan should briefly describe your business and its potential for success and tell how much _____ you need.
capital
A ____ plan is a written document that describes all steps necessary for opening and operating successfully
Business
True or False? Writing a business plan can help you identify problems you might encounter in the future
True
True or False? lenders require a business plan before they will consider financing a business
True
True or False? Writing a business plan is one of the most difficult and important thing you do as an entrepreneur
True
True or False? A Business plan doesn't set specific objectives and describe how your business expects to achieve them
False
A business plan helps you ____ your ideas to others
communicate
True or False? A business plan can serve as a tool for managing your business
True
True or False? Banks and investors make financing decisions based or how well they think a company can meet its objective
True
Medium-term sales objectives cover a period of about___ years
two to five
A business plan may help you secure ____ for your business
Financing
A description of the industry in which you will operate your business is found in the ___ section of a business
marketing
The __ section of a business plan discusses hiring procedures
operations
A common mistake made by many entrepreneurs is to provide ___ financial projections in their business plan
unrealistic
In many communities, the local chamber of ___ offers assistance and information to entrepreneurs
commerce
the retired executives who volunteer with ___ provide free confidential advice that can help entrepreneurs prepare their business plan
SCORE
The cover letter for your business plan should briefly describe your business and its potential for success and tell how much ___ you need
capital
A business plan must provide detailed financial information that shows how your business will succeed in earning a ____
profit
in the concluding statement of business plan, you should emphasize your commitment to the ____ of the business
success
____ are organizations of retired executives and can be valuable sources of information in researching a business plan
trade associations
True or False? After your business is up and running, you will rarely use your business plan
false