A business plan provides detailed financial information that shows how your business will succeed in earning a profit.

• true

• false

Writing a business plan is one of the easiest things you will do as an entrepreneur.

• True

• False

To convince investors that the idea is solid, you will need a completely new product or service or one that is less expensive than products or services that already exist.

• True

• False

A good business plan should describe what products or services will be introduced over the next five years.

• True

• False

The backgrounds and experience of the leadership team of your company help lenders make financing decisions

• True

• False

Not all new businesses need a business plan

• True

• False

Lenders require a business plan before they will consider financing a business.

• True

• False

Once your business is up and running, you will rarely use your business plan.

• True

• False

Regardless of the business, all business plans serve the same basic purposes.

• True

• False

Only corporations need to include a section detailing the form of ownership in a business plan

• True

• False