Entrepreneurship Business Planning Principles

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What is a key reason for the importance of a business plan?

To serve as a guide in implementing the business (correct)

To discourage potential investors

To protect the general picture of the business project

To increase the cost of starting a business

Which stage of business planning involves creating a budgeting system?

Unplanned stage

Annual planning stage (correct)

Flexible start with a simple project stage

Strategic planning stage

What is the first step in business planning according to the text?

Prepare a production plan

Choose proper business location

Evaluate your personal resources and interest (correct)

Analyze your market

In business planning, what does SWOT stand for?

Strengths Weaknesses Opportunities Threats Signup and view all the answers

What are some characteristics of a sound business plan?

Clear and flexible Signup and view all the answers

Why is it important to prepare an organization plan in business planning?

To outline the managerial structure and responsibilities Signup and view all the answers

Which stage of business planning involves setting objectives, strategies, and a time frame?

Strategic planning stage Signup and view all the answers

What is the primary purpose of a business plan according to the text?

To serve as a guide in implementing the business Signup and view all the answers

Which step in business planning involves evaluating personal resources, community resources, and market analysis?

Evaluating personal and community resources Signup and view all the answers

What are the key components of a sound business plan according to the text?

Objective, clear, and flexible Signup and view all the answers

Why is planning in business described as needing to be realistic, based on folk needs, and flexible according to the text?

To accommodate changing market conditions Signup and view all the answers

In business planning, what does SWOT stand for according to the text?

Strengths Weaknesses Opportunities Threats Signup and view all the answers

Entrepreneurship Business Planning Principles

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Questions and Answers

What is a key reason for the importance of a business plan?

Which stage of business planning involves creating a budgeting system?

What is the first step in business planning according to the text?

In business planning, what does SWOT stand for?

What are some characteristics of a sound business plan?

Why is it important to prepare an organization plan in business planning?

Which stage of business planning involves setting objectives, strategies, and a time frame?

What is the primary purpose of a business plan according to the text?

Which step in business planning involves evaluating personal resources, community resources, and market analysis?

What are the key components of a sound business plan according to the text?

Why is planning in business described as needing to be realistic, based on folk needs, and flexible according to the text?

In business planning, what does SWOT stand for according to the text?

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