Which of the following is least likely to be a reason why small businesses fail to develop business plans:- small businesses lack understanding of the process or benefits of business planning
- small businesses believe that strategic planning is for larger organizations only
- small businesses believe that planning can be done on the back of an envelope
- small businesses simply don’t need to plan
- small businesses are too busy doing, rather than thinking or gathering information
- The desire to maintain the status quo is a major impediment to any longer-term strategic planning. True / False?
- True
- False
- According to research, what percentage of fast growing firms introduce a business plan later on?
- 63%
- 73%
- 83%
- 93%
- 100%
- Which of the following is not a good reason for developing a business plan?
- start-up
- business purchase
- ongoing review
- major decisions
- peer pressure
- Venture capitalists, bankers and business angels are all looking to find the same things from a good business plan. True / False?
- True
- False
- Which of the following is not usually a benefit of producing a business plan for a small business manager?
- clarifying ideas
- building a team
- practice in using analysis and presentation
- keeping him/her away from customers
- assist in raising money
- An e-business plan (i.e. a plan for an online business) differs substantially from one for a traditional offline business. True / False?
- True
- False
- Which of the following statements is the most reliable concerning the appropriate development of business plans?
- all business plans should conform to a universally agreed template
- the presentation of the plan is a secondary issue
- there is general acceptance that when it comes to writing a business plan “one size fits all”
- Most plans have at least four main sections – the people, the opportunity, the context and the risk and reward
- The financial story should always drive the business plan
- Which of the following is not a good idea when writing your business plan?
- DO make the plan readable
- DO include a cover or binding and a content page
- DO edit the plan carefully
- DO ensure that you keep referring back to your business plan once you’ve completed it
- DO ask an accountant to write your plan for you
- Complete the following statement:
Whereas a business plan targeted at a venture capital fund manager need to contain the ‘steak’, one that is aimed at …?….. needs to contain both ‘steak’ and ‘sizzle’.- the bank manager
- family friends or fools
- business angels
- the owner
- the manager