The best place to find more information on designing your own individualized plan is:
Your lawyer Your accountant The Public Library, industry or government "Business Plan" Web sites, or bookstores Business Planning Consultants
The primary reason to prepare a business plan before you begin is to create a tool to deal with investors and financing sources.
True False
In preparation of financial projections for your business plan, it is as important to estimate long range sales and earnings as it is to project short-term objectives.
True False
A potential investor or lender is going to look over your business plan and in his or her mind this question will arise: Where is the tough person to make the really difficult decisions, handle negotiations skillfully and exercise restraint? Your business
Projecting yourself in this image (assuming you're not!) Making a point of stating that your team of consultants including your lawyer and accountant will be employed to maintain a disciplined business approach Facing this issue and stating it in your business plan: your business will need tough and skillful management. Answer this need in a way that satisfies you as well those who will be doing business with you.
Preparation of a business plan is optional for some small businesses.
True False
Your business plan could EXCLUDE:
All the subjects covered in sessions of this course. Personal biographies of management. Financial statement projections and cash flow projections. Your marketing and expansion plans. Your plans to build a new vacation home with your profits.
If your business plan includes the exploitation of an invention, and provided you do not blunder in major decisions, your success can be most likely assured.
True False
Let's assume that your business plan is based on starting a real estate related business. This business plan session would lead you to most favorably consider:
Residential and commercial sales. Industrial and commercial development. Room additions and industrial construction. Specialize in one of above. None of the above.
In order to test your understanding of your market, the safest approach would be to:
Rely on your personal instinct. Conduct a survey among your friends. Test market your product or service.
To overcome the common stumbling block of not preparing a business plan, it helps to:
Complete the plan for each session as you proceed. Have your business plan completed before proceeding. Prepare your plan after you have completed this course.
