Exam 12: Developing an Effective Business Plan

One suggestion for helping to recall key examples, visual aids, and other details when presenting the business plan is to utilize keywords in the outline.

The entrepreneur must be

In some professional areas, the business plan is referred to as a(n)

The entrepreneur's professionalism and how well he or she handles the venture capitalist is far more important than being well organized and prepared.

The major thrust of the business plan, as defined in the textbook, is to

According to the textbook author, a pitfall to avoid in planning is lack of

A business plan must illustrate the current status of the venture, not the projected results.

Planning is not essential to the success of an undertaking.

The comprehensive business plan should be the result of

If a business plan/venture is turned down the first time, the entrepreneur should

A business plan is

Copying the latest social media craze is an indication of not having realistic goals.

The executive summary gives a brief overview of what is to follow, helps put all of the information into perspective, and should be no longer than three pages.

An indicator of the planning pitfall of "no realistic goals" is

A business plan _____ potential financial backers.

An indicator of the planning pitfall of "no commitment or dedication" is

The completed business plan provides the entrepreneur with a

The major purpose of a business plan is its utilization as a working document.

Which of the following statements about a business plan is true?

There are only two viewpoints from which a business plan should be written: the entrepreneur's and the financial source.