entrepreneur needs to update the business plan because mcq

9. We need to update the business plan because- a) Environmental factors and internal factors can change the direction of the plan b) Goals set by the entrepreneurs may be unreasonable c) Goals may not be measurable d) Goals may not be specific 10. From the following which one is not classification of entrepreneurs according to the

The business plan is the entrepreneur's road map for a successful enterprise. t/f. True. False. 24 of 60. ... the expected needs of the new business. clearly target a niche. 26 of 60. ... Financial sources benefit from the prospective financial statements found in a business plan because it allows them to locate any miscalculations. t/f. Choose ...

Part 1: 30 business plan quiz questions & answers. 1. Question: What is the primary purpose of a business plan? a) Secure funding. b) Improve employee morale. c) Enhance customer service. d) Increase market competition. Answer: a) Secure funding. 2.

4. A ______________ is a professional money manager who makes risk investment from a pool of equity capital to obtain a high rate of return on investments. venture capitalist. entrepreneur. businessman. buyer. View answer. 5. Members of distribution channels are excellent sources for new ideas because:

Study with Quizlet and memorize flashcards containing terms like Purpose of Business plan, Business plan, Sections of business plan and more. ... So you know if you need to change things, and you know where money goes in and out pf your business. Types of financial forms. Income statements, balance sheet, cash flow statement.

A. Make do with as little resources as possible in order to minimize debt. B. Produce a product as quickly as possible and get customer feedback in order to redesign the product. C. Get the business up and running as quickly as possible in order to start generating revenues.

The correct answer is "Business Plan" because an entrepreneur needs a well-defined and comprehensive plan to outline the objectives, strategies, and financial projections for their business. A business plan helps in setting clear goals, understanding the market, identifying competitors, and securing funding. It serves as a roadmap for the ...

Ch. 7 ENTR Smartbook. ________is not one of the main perspectives an entrepreneur should consider when writing the business plan. The employee's perspective. The marketing perspective. The investor's perspective. The entrepreneurs own perspective. Click the card to flip 👆. The employee's perspective. Click the card to flip 👆.

MCQs on Entrepreneurship. Entrepreneurship is the willingness and ability to establish, organise and manage a business and take financial risks to make profits. An Entrepreneur is an innovator who brings in new ideas to create a successful business venture.

The correct answer is Option 4. Key Points Statement I: All ideas are opportunities. A business idea is a concept that could be used to make money, and an opportunity has proven commercial value. Knowing the difference between an idea and an opportunity is crucial to avoid wasting significant time and money.

Take our Business Plan Quiz to measure your knowledge and skills in developing a comprehensive plan that could impress investors and guide your startup to success. This quiz is designed for entrepreneurs, business students, and anyone interested in learning more about business strategy. Our quiz covers all the essential elements of a business plan, including market analysis, operational ...

The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs. Purposes of a Business Plan. A business plan can serve many different purposes—some internal, others external.

high need for achievement: E) external locus of control: 6: The entrepreneur who is committed to the entrepreneurial effort because it makes good business sense is classed as a/an _____. A) inventor: B) opportunist: C) hacker: D) craftsman: E) craftsperson: 7: Melissa is one of the newest and most successful entrepreneurs in the technology ...

Business Plan Prep. Step 1: define you purpose and audience. 2. Market research (primary and secondary) - industry research - competitor analysis - relevant cost/financial data. Step 2: determine your information needs. Parts of a business plan. Business Plan Prep. Types of promotion. 3.

A. Entrepreneurs are those people who start new businesses with the aim of making a profit. B. Entrepreneurs are those persons (business owners) who seek to generate value through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. C.

The entrepreneur should clearly define the venture's goals, which provide a framework for the business plan. The business plan must reflect reasonable goals. Question No: 22. Information regarding all of the following is related to operations, EXCEPT: Location Promotion Raw materials Labor skills Reference: (Page # 56, Lecture # 22 ...

Study with Quizlet and memorize flashcards containing terms like True or False: A business plan should force entrepreneurs to think about all the details that they wouldn't normally think about. a. False b. True, True or False: A business plan should be a final document, and it should never change. Select one: a. False b. True, When discussing about the licensing of a business idea, which ...

Significant markets change. Shifting client tastes, consolidation trends among customers, and altered regulatory climates can trigger a need for plan updates. New or stronger competitors are ...

Get Small Business and Entrepreneurship Multiple Choice Questions (MCQ Quiz) with answers and detailed solutions. ... Intrapreneurship refers to the act of behaving like an entrepreneur within a large organization. It involves employees or teams within a company taking on entrepreneurial roles to develop new products, services, processes, or ...

Teachers and Examiners collaborated to create the Entrepreneurial Skills Class 10 MCQ. The team has gathered all of the important MCQs from Entrepreneurial Skills Class 10 MCQ. All of the MCQs have been organized topic wise. The CBSE Employability Skills Class 10 MCQ is a useful resource for students studying in class 10.

14. A stable and dynamic political environment play. (a) Positive role in business growth. (b) Negative role in business growth. (c) No role in business growth. (d) None of these. Answer (a) Positive role in business growth. 15. entrepreneur is derived from ehich word. (a) enterprendre.

10 of 10. Quiz yourself with questions and answers for Entrepreneurship Quiz, so you can be ready for test day. Explore quizzes and practice tests created by teachers and students or create one from your course material.

Details regarding how many staff the business will need to employ, their pay rates and job. descriptions would be found in which section of a business plan? The fixed costs of a business are £300,000 per year and variable costs are £2.00 per unit. The business sells 200,000 units per year at a selling price of £5.00. The profit made per.