CE225 WK 3 Business Plan Flashcards Questions and Answers 2023

It's a common misperception that a business plan is primarily used for raising capital. - -True -When presenting your plan, you should tailor the information, style, and format of the presentation to the information needs and formatting preferences of your audience. - -True -Your business plan should be designed to be flexible, to allow for rapid adjustments as more information becomes available. - -True -A development strategy includes a schedule that highlights major milestones for the venture. - -True -Business planning, in a literal sense, begins when you start to look for external funds. - -False -If business planning predicts that your gross margins will be small, you would be best advised to: Select one: a. redesign your concept or abandon your concept. b. keep your business small so that you can manage costs. c. focus on guerilla marketing to target a niche. - -a. redesign your concept or abandon your concept.