Which of the statements below best describes the reasons why entrepreneurs must develop a Business Plan?Question 9AnswerA.It is a financial plan to attract start-up capital from investors.B.It displays the entrepreneur’s creative idea.C.It is a snapshot of where the entrepreneur wants to be in 2 or 3 years from now.D.It is a tool which enables entrepreneurs to determine how an opportunity will be advanced, how to secure buy-in and finance capital, a marketing strategy and other essential success factors.E.It is a plan for marketing and promoting an opportunity.

Which one of the five statements below about Business Plans is wrong/incorrect:Question 18AnswerA.Helps entrepreneurs to communicate their creative idea(s) to others.B.Business planning facilitates the analysis of the venture's potential and selection of an appropriate competitive strategy.C.Informs the market plan and marketing strategyD.Forces the entrepreneur to think clearly about all aspects of the proposed business.E.After development, a business plan should not altered to meet any changes in the context or situation of each opportunity/venture.

Which of the statements below best describes the purposes of a Start-up Business Plan:Question 21AnswerA.All of these purposes.B.With a start-up business plan, nascent entrepreneurs or a new companies can describe the steps for initiating a venture.C.Start-up business plans explain what the nascent entrepreneurs and/or new companies wants to do and the product(s) or service(s) it intends to offer.D.Start-up business plans provide information for crowdfunding campaigns.E.Start-up business plans provide marketing reports and evaluations of targeted customer segments to potential investors.

Why do financial institutions and investors insist on a business plan before deciding on a proposed enterprise?a.Because it serves as a communication tool.b.Because it analyses market trends.c.Because it assesses the viability of the enterprise.d.Because it evaluates competitors.

Which of the following is true of business plans?Group of answer choicesInvesting time and effort into creating a business plan is not worthwhile for large, successful businessesAngel investors seldom request to view a business plan before pledging their aid.Formal business plans have no effect on the day-to-day success of small businessesOne of the prime reasons for creating a business plan is to secure investment funds for the firm.

What does the entrepreneur need to discuss in detail in the Marketing Plan section of a business plan?a.Marketing expenditures.b.Recruitment and selection methods.c.Break-even analysis.d.Marketing strategy.