Title: (Optional) Explain the importance of compiling data for updating a business strategy.
Course: Entrepreneurship, Advanced (12053-II) > Section: Maintaining an Entrepreneurial Business

Explanation should include the following reasons:

- To benefit future financing
- To show the growth of the business/service
- To prove the success of the business/service
- To support expansion of the business/service

Process/Skill Questions:

- Which types of supporting documentation would be important for an entrepreneur's business?
- Why is it important to update documentation on a yearly basis?
- Why are the supporting documents for a business plan usually placed in a separate section at the end?
- How do these forms of documentation (e.g., financial projections, letters of commitment from customers, break-even analysis, supporting information related to the market, press releases pertinent to the company's success, patent/trademark documentation) help to update a business strategy?
- How can a business strategy be used in business introspection?
- What is the purpose of a business strategy?