We can write true or false for the following in this way:
- Income levels of a community affect the buying capability of its citizens. - True
- Contingency plans must be included in a business plan for anticipated concerns that may arise. - True
- Poorly researched business poses a lower risk. - False
- Once entrepreneurial skills and competencies are identified, one can start a business venture right away. - False
- Business profit includes the quantity needed for business operations as well as sources of such amount. - False
- Executive summary is found at the beginning of the plan but is done last. - False
- A business plan is also written for the sake of the investors from whom the entrepreneur may ask for financial assistance. - True
- Market segmentation is a process of analyzing the internal and external factors that affect a business enterprise. - False
- A financial plan must be written solely by someone who is knowledgeable about handling finances such as a certified financial planner. - True
- Weaknesses and threats are both internal factors that may affect the business. - False
What is a business plan?
A business plan is a document that states the goals, strategies, and financial projections of a business.
It directs entrepreneurs and guides them in making informed decisions and attracting potential investors.