كويز ريادة شابتر 4 # فارمسجي
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The three "tests" associated with a business plan are ________.
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Reality, competitive, and value
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Competitive, profitability, and value
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Value, reality, and profitability
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Reality, value and litmus
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Quiz Preview
- 2.
In a business plan, both company goals and objectives should relate to the company's mission.
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True
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False
Correct Answer
A. TrueExplanation
In a business plan, it is important for the company goals and objectives to align with the company's mission. The mission statement defines the purpose and values of the company, and the goals and objectives should be designed to support and fulfill this mission. By ensuring that the goals and objectives are in line with the mission, the company can maintain focus and direction, and work towards achieving its overall purpose. Therefore, the statement "both company goals and objectives should relate to the company's mission" is true.Rate this question:
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- 3.
A business plan is a written summary of ________.
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An entrepreneur's proposed business venture
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A business venture's operational, financial, and marketing details
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The skills and abilities of a business venture's managers
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All of the above
Correct Answer
A. All of the aboveExplanation
A business plan is a comprehensive document that outlines an entrepreneur's proposed business venture, including its operational, financial, and marketing details. It also includes information about the skills and abilities of the business venture's managers. Therefore, the correct answer is "All of the above" as it encompasses all the mentioned aspects of a business plan.Rate this question:
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- 4.
A small company's mission statement ________.
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Establishes its purpose in writing
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Gives the business and everyone in it a sense of direction
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Defines what the company is, why it exists, and its reason for being
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All of the above
Correct Answer
A. All of the aboveExplanation
The mission statement of a small company serves multiple purposes. It not only establishes the company's purpose in writing but also provides a sense of direction to the business and its employees. Additionally, it defines what the company is, why it exists, and its reason for being. Therefore, all of the given options accurately describe the role and importance of a mission statement for a small company.Rate this question:
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- 5.
A clearly defined vision helps a company in which of the following ways?
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Provides direction
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Determines decisions
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Motivates people
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All of the above
Correct Answer
A. All of the aboveExplanation
A clearly defined vision helps a company in multiple ways. Firstly, it provides direction by setting a clear path for the company to follow. This helps in aligning the efforts and resources towards achieving the desired goals. Secondly, a well-defined vision determines decisions by providing a framework for making choices and prioritizing actions. It helps in making strategic decisions that are in line with the company's long-term objectives. Lastly, a strong vision motivates people by giving them a sense of purpose and a reason to work towards a common goal. It inspires employees, stakeholders, and partners to actively contribute to the company's success.Rate this question:
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- 6.
Although building a business plan does not guarantee an entrepreneur's success, it does increase his or her chances of succeeding in business.
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True
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False
Correct Answer
A. TrueExplanation
Building a business plan increases an entrepreneur's chances of succeeding in business because it helps them clarify their goals, identify potential challenges, and develop strategies to overcome them. A well-thought-out plan provides a roadmap for the entrepreneur to follow, making it easier to stay focused and make informed decisions. It also allows them to communicate their vision to potential investors or partners, increasing their chances of securing funding or support. While a business plan cannot guarantee success, it significantly improves an entrepreneur's likelihood of achieving their goals.Rate this question:
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- 7.
Ideally, a business plan should be about ________ pages in length.
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10
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20-40
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40-75
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75-100
Correct Answer
A. 10Explanation
A business plan should ideally be about 10 pages in length. This is because a concise and focused plan is more likely to be read and understood by potential investors or stakeholders. A shorter plan also forces the entrepreneur to prioritize and include only the most important and relevant information. Additionally, a shorter plan is easier to update and modify as the business evolves.Rate this question:
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- 8.
The key to entrepreneurial success over time is to build a ________ competitive advantage.
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Defensible
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Sustainable
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Coherent
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Random
Correct Answer
A. SustainableExplanation
To achieve entrepreneurial success over time, it is crucial to establish a sustainable competitive advantage. This means creating a unique position in the market that is difficult for competitors to replicate or surpass. A sustainable advantage allows a business to maintain its market share and profitability in the long run, as it is built on durable and valuable resources, capabilities, or strategies. This ensures that the business can withstand challenges, changes in the market, and the emergence of new competitors, ultimately leading to continued success.Rate this question:
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- 9.
One of the biggest changes entrepreneurs face is the shift in the economy from a base of financial to intellectual capital.
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True
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False
Correct Answer
A. TrueExplanation
The statement is true because in recent years, there has been a significant shift in the economy where intellectual capital has become more valuable than financial capital. This means that entrepreneurs now need to focus on developing and leveraging their knowledge, skills, and innovative ideas in order to succeed in the business world. Financial resources alone are no longer enough to guarantee success, and entrepreneurs must adapt to this new reality by investing in intellectual capital and staying ahead of the curve.Rate this question:
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- 10.
Which key success factor does the entrepreneur who built this table believe is most important?
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Quality
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Service and on-time delivery
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Convenience
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Location
Correct Answer
A. QualityExplanation
The entrepreneur who built the table believes that quality is the most important key success factor. This suggests that they prioritize creating a high-quality product that meets or exceeds customer expectations. By focusing on quality, the entrepreneur aims to differentiate their table from competitors and build a strong reputation for delivering a superior product.Rate this question:
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- 11.
As business and competitive conditions change, so should a small company's mission statement.
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True
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False
Correct Answer
A. TrueExplanation
A small company's mission statement should change as business and competitive conditions change because it is a reflection of the company's purpose, goals, and values. As the external environment evolves, the company may need to adapt its strategies and priorities to remain competitive and relevant. By updating the mission statement, the company can communicate its revised direction and ensure alignment between its actions and its overall mission. This flexibility allows the company to stay agile and responsive to market dynamics, which can ultimately contribute to its long-term success.Rate this question:
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- 12.
Which company has the worst location?
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Your company
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Competitor 1
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Competitor 2
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Impossible to tell from the information given.
Correct Answer
A. Competitor 1Explanation
The given question asks about the company with the worst location. The answer provided is "Competitor 1." This implies that among the options given, Competitor 1 has the worst location compared to the others, including the person's own company and Competitor 2. The reasoning behind this conclusion is not provided, but it can be inferred that the location of Competitor 1 is considered less favorable or advantageous in some way.Rate this question:
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- 13.
Which company has the strongest competitive position?
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Your company
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Competitor 1
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Competitor 2
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Impossible to tell from the information given.
Correct Answer
A. Your companyExplanation
The question asks which company has the strongest competitive position. The answer states "Your company" without providing any additional information or context. Therefore, it can be assumed that the answer is based on the assumption that the person answering the question is referring to their own company and believes it has the strongest competitive position.Rate this question:
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- 14.
The primary purpose of building a business plan is to raise capital.
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True
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False
Correct Answer
A. FalseExplanation
The primary purpose of building a business plan is not solely to raise capital. While raising capital is an important aspect of a business plan, its primary purpose is to outline the overall strategy and direction of the business. A business plan helps in defining goals, identifying target customers, analyzing competition, and creating a roadmap for success. It also serves as a tool for attracting investors, partners, and lenders, but its purpose extends beyond just raising capital.Rate this question:
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- 15.
Which of the following statements is true?
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Overall, Competitor 2 is the strongest of these three companies.
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Your company's most serious weakness is its poor quality.
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Your company's most vulnerable point against these two competitors is in the area of on-time delivery.
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The most important of the key success factors is location.
Correct Answer
A. Your company's most vulnerable point against these two competitors is in the area of on-time delivery.Explanation
This answer is correct because it identifies the specific weakness of the company in comparison to the two competitors. It states that the company is most vulnerable in the area of on-time delivery, suggesting that the competitors are stronger in this aspect. This weakness can have a significant impact on the company's performance and customer satisfaction, making it an important factor to address in order to compete effectively.Rate this question:
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- 16.
________ are a unique set of capabilities that a company develops in key operational areas- such as service, innovation, and others that allow it to potentially vault past its competitors.
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Core competencies
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Opportunities
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Key success factors
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Mission statements
Correct Answer
A. Core competenciesExplanation
Core competencies refer to a unique set of capabilities that a company develops in key operational areas, such as service and innovation. These competencies give the company a competitive advantage and allow it to potentially surpass its competitors. By focusing on its core competencies, a company can differentiate itself in the market and provide value to its customers. These competencies are not easily imitated by competitors, making them a valuable asset for the company's success.Rate this question:
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- 17.
Strengths and weaknesses are ________ to the organization.
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Internal factors
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External factors
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Internal and/or external factors
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Factors not belonging
Correct Answer
A. Internal factorsExplanation
Strengths and weaknesses are internal factors to the organization because they are characteristics and attributes that exist within the organization itself. Strengths are the positive aspects that give the organization a competitive advantage, while weaknesses are the areas that need improvement or pose challenges. These factors are within the control of the organization and can be influenced and managed by its leaders and employees.Rate this question:
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- 18.
Your ________ competitors offer the same products and services, and customers often compare prices, features, and deals from these competitors as they shop.
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Significant
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Direct
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Indirect
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All of the above
Correct Answer
A. DirectExplanation
Direct competitors are those who offer the same products and services as your business. In this context, direct competitors are the ones who offer the same products and services as your business, and customers often compare prices, features, and deals from these competitors as they shop. Therefore, the correct answer is "direct".Rate this question:
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- 19.
________ are the broad, long-range attributes the small business seeks to accomplish; ________ are the more specific targets for performance.
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Goals; objectives
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Goals; strategies
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Objectives; goals
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Strategies; goals
Correct Answer
A. Goals; objectivesExplanation
In this context, goals refer to the broad, long-range attributes that a small business aims to achieve. These goals provide a general direction and overall purpose for the business. On the other hand, objectives are more specific targets for performance that are set to support and fulfill the goals. Objectives are measurable, time-bound, and serve as milestones or steps towards achieving the broader goals. Therefore, goals and objectives work together, with goals providing the overarching vision and objectives defining the specific actions and outcomes needed to reach that vision.Rate this question:
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- 20.
Large companies have a natural advantage over small firms when it comes to preparing a strategic plan.
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True
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False
Correct Answer
A. FalseExplanation
Large companies do not necessarily have a natural advantage over small firms when it comes to preparing a strategic plan. While large companies may have more resources and access to greater amounts of data, small firms can often be more agile and flexible in their decision-making processes. Small firms may also have a closer connection to their customers and a better understanding of their specific needs. Ultimately, the advantage in strategic planning depends on the specific circumstances and capabilities of each company, regardless of its size.Rate this question:
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- 21.
The most effective business plans follow the "cookie cutter approach," following the standard format most preferred by lenders and investors.
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True
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False
Correct Answer
A. FalseExplanation
The explanation for the answer "False" is that the most effective business plans do not necessarily follow a cookie cutter approach. While it is important to have a clear and organized format that lenders and investors can easily understand, a successful business plan should also be tailored to the specific needs and goals of the business. A one-size-fits-all approach may not effectively showcase the unique aspects and potential of a business, making it less appealing to lenders and investors. Therefore, it is important to customize the business plan to stand out and demonstrate the business's value proposition.Rate this question:
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- 22.
A competitive profile matrix ________.
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Identifies a firm's core competencies
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Permits the small business owner to divide a mass market into smaller, more manageable segments
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Allows the small business owner to evaluate her firm against competitors on the key success factors for the industry
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Creates a road map of action for the entrepreneur to fulfill her company's mission, goals, and objectives
Correct Answer
A. Allows the small business owner to evaluate her firm against competitors on the key success factors for the industryExplanation
The competitive profile matrix allows the small business owner to evaluate her firm against competitors on the key success factors for the industry. This matrix helps in identifying the strengths and weaknesses of the business in comparison to its competitors. By evaluating the key success factors, the small business owner can make informed decisions and take necessary actions to improve the competitiveness of her firm in the industry.Rate this question:
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- 23.
Which of the following is not a characteristic of a well-written objective?
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Realistic, yet challenging
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Measurable
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General
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Timely
Correct Answer
A. GeneralExplanation
A well-written objective should be specific and focused, rather than general. It should clearly define what needs to be accomplished and provide clear guidelines for success. A general objective lacks clarity and does not provide a clear direction for achieving the desired outcome.Rate this question:
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- 24.
A(n) ________ competitor offers the same or similar products or services only in a small number of areas, and their target customers seldom overlap yours.
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Indirect competitor
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Direct
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Parallel
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Divergent
Correct Answer
A. Indirect competitorExplanation
An indirect competitor refers to a business that offers similar products or services but operates in a different market or serves a different target audience. They may have some overlap in terms of products or services, but their target customers seldom coincide with yours. This means that they are not directly competing for the same customers in the same areas, making them an indirect competitor.Rate this question:
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- 25.
Which of the following is not one of the three components of intellectual capital?
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Human
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Structural
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Competitor
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Customer
Correct Answer
A. CompetitorExplanation
The three components of intellectual capital are typically considered to be human capital, structural capital, and customer capital. These components refer to the knowledge, skills, and abilities of the workforce, the organizational structures and processes that support knowledge creation and sharing, and the relationships and loyalty of customers, respectively. Competitor capital, on the other hand, is not commonly recognized as a component of intellectual capital. While understanding and monitoring competitors is important for strategic decision-making, it is not considered a direct component of intellectual capital.Rate this question:
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- 26.
"Big box retailers" present an opportunity for many small business owners.
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True
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False
Correct Answer
A. FalseExplanation
The statement suggests that "big box retailers" present an opportunity for small business owners, but the correct answer is false. This means that big box retailers do not provide an opportunity for small business owners. The explanation for this could be that big box retailers often have significant market dominance, economies of scale, and lower prices, which can make it difficult for small businesses to compete and thrive in the same market. Additionally, big box retailers may have more resources and bargaining power, making it challenging for small businesses to negotiate favorable terms or secure shelf space in these retail environments.Rate this question:
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- 27.
The executive summary serves as the thesis statement for the entire business plan.
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True
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False
Correct Answer
A. FalseExplanation
The executive summary does not serve as the thesis statement for the entire business plan. While the executive summary provides a brief overview of the business plan, it is not the same as a thesis statement. A thesis statement typically appears in academic writing and presents the main argument or point of the paper. In a business plan, the executive summary summarizes the key points and goals of the plan, but it does not function as a thesis statement.Rate this question:
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- 28.
The ideal strategic planning process for a small company should start with setting objectives.
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True
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False
Correct Answer
A. FalseExplanation
The ideal strategic planning process for a small company should not necessarily start with setting objectives. While setting objectives is an important step in strategic planning, it is not always the first step. The process may begin with conducting a SWOT analysis or assessing the company's current situation before setting objectives. Therefore, the statement is false.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
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Dec 30, 2018Quiz Created by
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