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17. (p. 188) A quick feasibility study should be conducted before preparing the business plan to uncover possiblebarriers to success.18. (p. 189) It is recommended that an entrepreneur avoid using the Internet as a resource for finding informationto write a business plan because the information found there is often incorrect and unreliable.19. (p. 190) In building a marketing plan, the entrepreneur should use a process designed as a pyramid, startingwith narrow data and working down to broader-based information.20. (p. 190) Most entrepreneurs have little difficulty with gathering market information.21. (p. 191) Standard & Poor's and Bloomberg are good sources of industry and market data.22. (p. 193) When gathering financial information, the entrepreneur should develop a budget that includesexpected sales and expense figures for the first year.23. (p. 193) To determine the figures in the budget, the entrepreneur should identify benchmarks or norms in theindustry.24. (p. 193) Pro forma financial statements should be prepared semi-monthly for the first year of the venture.25. (p. 193) Revenue sources such as sales and any externally available funds should be included in the budget.26. (p. 194) In 2012 online retail sales increased by 15% over sales in 2011.27. (p. 194) European online retail sales are expected to continue to grow by about 10% each year until 2018.28. (p. 194) The Internet is a useful tool to access information but is generally not a good vehicle for marketinggoods and services.29. (p. 194) Facebook is a good source of market information on competitors.
30. (p. 195) The executive summary section of the business plan should be written first, before other sections aredeveloped.31. (p. 196) The introductory page of the business plan should contain the amount of financing needed.32. (p. 197) An evaluation of cultural changes is irrelevant to the venture and should not be included in thebusiness plan.