Business Plan Flashcard

Front

Why does a business plan need to be flexible?

Back

So that it can adapt to changes in the market or business environment

Front

Which of the following is NOT a common audience for a business plan? Potential investors, Potential new partners or managers, Competitors looking for market insights, Financial institutions

Back

Competitors looking for market insights

Front

What is a business plan primarily used for?

Back

Help entrepreneurs structure, evaluate, and communicate their business idea

Front

Why is a business plan intended to be flexible?

Back

It should be revisited and updated based on market conditions and business performance

Front

Reason an entrepreneur might need to revise their business plan:

• Changes in customer demand
• A new competitor comes into the market
• Changes in regulatory environment or laws
• All of the above

Back

All of the above

Front

How can stakeholders help evaluate and revise a business plan?

Back

Bankers, mentors, and experienced entrepreneurs can provide feedback and insights

Front

Why is a business plan important for securing funding?

Back

Investors and banks use it to assess the viability and potential profitability of a business.

Front

How does having a thorough and well-researched business plan help reduce financial risk?

Back

It helps entrepreneurs anticipate challenges and make informed financial decisions.

Front

Why is it important for a business plan to be professionally presented?

Back

Investors and financial institutions expect a well-structured and clear document

Front

How can entrepreneurs access business plan templates and support?

Back

By searching online and using resources from banks and government organizations