Your business plan serves as your road map for the early years of your business.

• True

• False

The business plan generally projects 5-8 years ahead and outlines the route a company intends to take to reach its yearly milestones, including revenue projections.

• True

• False

Small business owners or new entrepreneurs are not intimidated when it comes to writing a business plan, thinking it’s easy or necessary.

• True

• False

Your business plan should be a living document, constantly revised to match changing markets and business needs.

• True

• False

You should include things like a mission statement, company goals and objectives, and a general overview of your product or service, target market, and industry.

• True

• False

Research is the foundation to marketing.

• True

• False

You must gather facts and opinions in an orderly, objective way about your target: the industry and your potential customers.

• True

• False

In the Product/Service Line section, you will identify and describe all of the products and services your competition sells or provides.

• True

• False

After you’ve conducted your market research, you can create your marketing and sales strategy to reach your customers.

• True

• False

Marketing is the process of promoting and selling your products or services.

• True

• False