Entrepreneurship Summative 2

A business model explains how a business will generate revenue.

• True

• False

The business plan and feasibility study contain the same data but the business plan is more detailed.

• True

• False

Consumer analysis involves evaluating competitors in the market.

• True

• False

The business description should include the type of products or services offered.

• True

• False

The feasibility study is prepared before conducting a business plan.

• True

• False

The marketing strategy focuses on internal business operations.

• True

• False

Franchise models involve recurring fees paid by customers to access services.

• True

• False

A feasibility study checks whether a business idea is realistic and practical.

• True

• False

Industry analysis is part of the environmental analysis in a business plan.

• True

• False

The business location should always be in a residential area.

• True

• False