Preparing a Business Plan Exam Review A is a written description of the proposed business. Which time period is focused on the initial stages of starting an business? During which time should you focus on growing and expanding your business? Which time period should the business consider adding more locations, expanding the scope of the business, or constructing a larger space? What is the main objective of the years 11-20? Define vision statement. What is the disadvantage of sole proprietorship in terms of liability? List the characteristics of sole proprietorship. In a partnership, why might individuals choose to enter a partnership arrangement? What requirement is important for a successful partnership arrangement? In a booth rental arrangement, who is responsible for their own clientele, supplies, record keeping, and accounting? What situation may the landlord be convinced to share the costs of leasehold improvements? List disadvantages of a home-based business? List the business expenses that can be written off with a home-based business. What does a unique selling proposition (USP) state? Which term refers to the impression of your business created in the minds of potential customers by everything you do? What are the main consideration when deciding on a site