Entrepreneurship Chapter 3 Business Plan

In your business plan, you will need to identify who your target customer is and how you will keep your customers.

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• False

A business plan is helpful not only in the initial stages of your company but also in future decision making.

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• False

A business plan may help to convince suppliers to extend credit to your company.

• True

• False

A business plan needs to outline goals for the business only for the short term and medium term.

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• False

Writing out a business plan helps you convince people to buy your product or service.

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• False

Banks make financing decisions based primarily on the personality and experience of the entrepreneur.

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• False

Lenders want to know exactly where your business will be because the location of a business is often a critical factor in its success.

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• False

A business that must meet licensing requirements should include a copy of the license in an appendix.

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• False

How you came up with your business idea is described in the introduction section of your business plan

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• False

The marketing section of a business plan should describe how your business will be managed on a day-to-day basis.

• True

• False