study questions 6-7

Q.1 What are the benefits of preparing the canvas model first before a written business plan?

Q.2 What are the components of a business plan?

Q.3 What are the different types of business plans?

Q.4 How long does it take to write a business plan?

Q.5 Why do business plans fail?

Q.6 Why should the executive summary be written last?

Q.1 What are the factors in deciding what form of owner- ship is best suited for the potential business?

Q.2 Briefly describe the advantages and disadvantages of a sole proprietorship and partnership.

Q.3 Explain the corporate form of ownership and how a business is incorporated.

Q.4 List the differences between the S‐corporation and the limited liability company.