Which of the following is NOT a true statement about business plans?

• A. A business plan outlines the goals and strategies of a business.
• B. Business plans often include financial projections and marketing strategies.
• C. A business plan can help attract investors and secure financing.
• D. Business plans are only necessary for large corporations.

Answer: (D)

Verified step by step guidance

1. Step 1: Understand the purpose of a business plan. A business plan is a document that outlines the goals, strategies, and operational plans of a business. It is used by businesses of all sizes to guide their operations and decision-making.
2. Step 2: Review the components of a business plan. Business plans typically include financial projections, marketing strategies, operational plans, and other details that help define how the business will achieve its goals.
3. Step 3: Analyze the role of a business plan in attracting investors and securing financing. Business plans are often used to demonstrate the viability of a business to potential investors or lenders, regardless of the size of the business.
4. Step 4: Evaluate the statement 'Business plans are only necessary for large corporations.' This statement is incorrect because business plans are valuable for businesses of all sizes, including small businesses and startups, as they provide a roadmap for success.
5. Step 5: Conclude that the correct answer is the statement 'Business plans are only necessary for large corporations,' as it is not true and contradicts the universal applicability of business plans.