|1||address||v.||/əˈdrɛs/||to direct to the attention of||a. Marco’s business plan addresses the needs of small business owners. |
b. Be certain to pay attention to addressing the cost of infrastructure when you estimate your expenses.
|2||avoid||v.||/əˈvɔɪd/||to stay clear of; to keep from happening||a. To avoid going out of business, owners should prepare a proper business plan. |
b. Lloyd’s errors in accounting could have been avoided by a business consultation with his banker.
|3||demonstrate||v.||/ˈdɛm ənˌstreɪt/||to show clearly and deliberately; to present by example||a. Alban’s business plan demonstrated that he had put a lot of thought into making his dream a reality. |
b. The professor demonstrated through a case study that a business plan can impress a lender.
|4||develop||v.||/dɪˈvɛl əp/||to expand, progress, or improve||a. Lily developed her ideas into a business plan by taking a class at the community college. |
b. The restaurant Wanda opened ten years ago has developed into a national chain.
|5||evaluate||v.||/ɪˈvæl yuˌeɪt/||to determine the value or impact of||a. It’s important to evaluate your competition when making a business plan. |
b. The lenders evaluated our creditability and decided to loan us money.
|6||gather||v.||/ˈgæð ər/||to accumulate; to conclude||a. We gathered information for our plan from many sources. |
b. I gather that interest rates for small businesses will soon change.
|7||offer||v.||/ˈɔ fər/||to propose; to present in order to meet a need or satisfy a requirement||a. We offered the job of writing the business plan to Devon. |
b. Jackie must offer her banker new statistics in order to encourage the bank to lend her money toward her start-up business.
|8||primary||adj.||/ˈpraɪ mɛr i/||most important; first in a list, series, or sequence||a. The primary reason for writing a business plan is to avoid common errors. |
b. Writing the business plan was the primary task, then seeking funding, followed by finding a suitable building.
|9||risk||n.||/rɪsk||the chance of loss or damage||a. The primary risk for most start-up businesses is insufficient capital. |
b. Expanding into a new market is a big risk.
|10||strategy||n.||/ˈstræt ɪ dʒi/||a plan of action||a. A business plan is a strategy for running a business and avoiding problems. |
b. Let’s develop a strategy for promoting our ice cream parlor.
|11||strong||adj.||/strɔŋ/||powerful; economically or financially sound||a. The professor made a strong argument for the value of a good business plan. |
b. Even in a strong economic climate many businesses fail, so do your planning carefully.
|12||substitute||v.||/ˈsʌb stɪˌtut/||to take the place of another||a. Here’s a model business plan; just substitute the specifics of your business. |
b. Don’t try to substitute intuition for good planning.