Exam 11: Successful Business Plans: The Compass

Most banks and other financial institutions will not loan funds without a detailed business plan.

Updating your plan on at least a yearly basis helps you project financials and plan for fiscal needs

It is important to remember that a good business plan is ___________________.

Explain the major advantage of preparing a small business plan.

Which of these is a step in deciding whether to expand to international markets by building products specifically for those markets?

The __________ section of a business plan is a short description of the venture and its mission should be the first information the reader encounters.

Describe why an entrepreneur might choose to forgo a business plan in favor of using only a Business Model Canvas.

The business plan is a key ____________________ tool for outside financial sources, as well as a/an ____________________ tool for guiding the venture toward success.

The major advantage of a business plan is that it forces the entrepreneur to answer which of the following questions?

The __________ section of a business plan includes valuable information not contained in other sections.

The entrepreneur should consider who the intended audience is when the plan is presented for funding.

The business plan should be organized so that key facts leap out at the reader

The __________ section of a business plan includes developmental research leading to the product's or service's design, development or delivery.

The __________ section of a business plan covers methods of compensation such as salaries, employment agreements, stock purchase plans, and ownership levels, as well as the board of directors, advisers, and consultants also are part of the management team.

A business plan may help an entrepreneur avoid a project doomed to failure.