1. address n., a formal speech; v., to direct to the attention of
a. The article praised her address to the steering committee.
b. Marco's business plan addresses the needs of small business owners.
2. avoid v., 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., 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., 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., 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., 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 n., a proposal v., to propose; to present in order to meet a need or satisfy a requirement
a. Devon accepted our offer to write the business plan
b. Jackie must offer her banker new statistics in order to encourage the bank to lend her money toward her start-up business.
8. primarily adv., first; most importantly
a. We are primarily concerned with convincing the board of directors to apply for the second loan.
b. The developers are thinking primarily of how to enter the South American market.
9. risk n., 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., 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., 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. substitution n., replacement
a. Your substitution of fake names for real ones makes the document seem insincere,
b. There is no substitution for hard work and perseverance.