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Business Plan

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  • True or false: According to research, without a business plan, firms are more likely to close down.
    True
  • What does business plan mean?
    It is a detail plan to start a business and avoid risks
  • Why are business plans used for potential investors and banks?
    To invest money in your start-up
  • SMART means:
    Specific, Measurable, Achievable, Realistic, Timed
  • What is not the component of business plan: financial plan, marketing plan, safety plan, executive summary
    safety
  • The preparation of a business plan is optional for some small businesses - True or False?
    True
  • What are the advantages of creating a business plan?
    It allows the entrepreneur to focus on what they want to accomplish/Allows the process they will take to do it become simple and easy//Allows them to accomplish
  • Which section is completed last in business plan? tasks about your business or budgeting?
    Budgeting
  • Includes the purpose of the plan: Financial Plan, Products, Executive Summary, Company Description
    Executive Summary
  • What are the disadvantages of creating a business plan?
    It is difficult to do and expensive as well
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