3.3

Entrepreneurs can hire experts from trade associations to help them prepare business plans.

False

Never reveal your competitors' strengths in your business plan—focus only on what they have done wrong.

False

The Internet is not a trusted source of information on how to develop a business plan.

False

The only person who should read a business plan is the owner and potential investors.

False

A local chamber of commerce can provide information on trends affecting local businesses, local resources, and zoning and licensing information.

True

An undefined target market can ruin a business plan.

True

SCORE is cosponsored by the SBA.

True

The Small Business Administration (SBA) has at least one office in every U.S. state.

True

To convince readers that you have come up with a practical business idea, you must include information and data from objective sources.

True

Trade associations provide all of the following to entrepreneurs except a. small loans. b. networking opportunities. c. education. d. valuable information.

a.

Small Business Development Centers (SBDCs) a. are often located at community and state colleges. b. are made up of working and retired business professionals. c. provide real-world advice and know-how for a small fee. d. all of these

a.

Financial projections in a business plan should a. not be included if you could not locate reliable financial information. b. be based on solid evidence. c. be very optimistic so that investors will be impressed. d. based on your best guess.

b.

SCORE is a. cosponsored by the federal government. b. made up of working and retired business professionals. c. a for-profit association. d. an independent agency of the federal government.

b.

Online business resources a. are not as reliable as print resources. b. should not be used in a business plan. c. are not available from the SBA. d. can be found via search engines.

d.

The SBA a. is an independent agency of the federal government. b. provides loans and loan guarantees to entrepreneurs and small businesses. c. has at least one office in every U.S. state. d. all of these

d.

Trade associations provide all of the following to entrepreneurs except a. small loans. b. networking opportunities. c. education. d. valuable information

d.

Your business plan must a. clearly define your market. b. never overlook the competition. c. be consistent. d. all of these

d.