INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the firm has the time to do so.
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of changes in the external environment.
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it is required by the bank.
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the shareholders believe this is necessary.
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Detailed explanation-1: -Business plans are living documents and need to be revisited every so often to ensure they are still relevant. In this way you can continue to use and benefit from the strategies and tactics. Further, business plans are forward-looking, so they are based on estimates, which means updates are often necessary.
Detailed explanation-2: -An external business plan serves as a tool to show that the business concept is developed, evaluated, and planned. Investors and lenders want to eliminate as much risk as possible, and an external business plan provides them a way to measure and mitigate these risks.
Detailed explanation-3: -No matter which type of business plan you created, you should ALWAYS review it on an annual basis at a minimum. Publications such as Entrepreneur, Forbes, Inc. and many more recommend that you conduct a thorough update on your business plan at least once annually.
Detailed explanation-4: -The quarterly frequency is ideal. It’s long enough that you can get things done-and therefore give yourself enough data to figure out where the kinks and weaknesses are-but still regular enough to keep up that momentum and agility.