Entrepreneurship Theory Process Practice

Business

Quiz 12 :

Developing an Effective Business Plan

Quiz 12 :

Developing an Effective Business Plan

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Financial sources benefit from the prospective financial statements found in a business plan because it allows them to locate any miscalculations.
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True False
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False

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In preparing a business plan for oral presentation, the entrepreneur should scan the outline once or twice.
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True False
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False

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

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A lack of demonstrated experience, no clear market niche, a failure to anticipate roadblocks, no realistic goals set, and a lack of commitment are all potential pitfalls or common points of failure that can occur before an entrepreneur even gets a plan reviewed.
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The entrepreneur should expect to encounter a friendly and supportive audience when presenting the business plan to potential financial sources.
True False
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Every business plan should provide information about future harvest strategies.
True False
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The business plan is the entrepreneur's road map for a successful enterprise.
True False
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A market niche is a homogeneous group with common characteristics (i.e., all the people who have a need for a newly proposed product or service).
True False
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An entrepreneur should include a three- to five-year financial projection so that the financial source can adequately evaluate the venture.
True False
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A business plan is the written document that details the proposed venture.
True False
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After delivering a pitch, it is not acceptable to question venture capitalists who turn down a funding opportunity.
True False
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An investment prospectus is the same as a business plan.
True False
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There are only two viewpoints from which a business plan should be written: the entrepreneur's and the financial source.
True False
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The easiest way to avoid the pitfall of no commitment or dedication is to designate that the venture is a hobby or a whim.
True False
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Lack of any time frame to accomplish things is an indicator of the pitfall known as no realistic goals.
True False
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The entrepreneur's professionalism and how well he or she handles the venture capitalist is far more important than being well organized and prepared.
True False
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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.
True False
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Because of the competition for funding, an entrepreneur's business plan needs to capture the reader's interest right away by stating the uniqueness of the venture.
True False
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An entrepreneur is much better off preparing his or her own business plan rather than hiring someone else, even if more experienced, to prepare it.
True False
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The manufacturing segment of the business plan should identify key personnel, their responsibilities and positions, and career experience that qualifies them for those particular roles.
True False
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