When Is It a Good Idea to Hire an Outside

question 13

Multiple Choice

When is it a good idea to hire an outside professional to write the business plan?

• A) When money is available for the task
• B) When time to market is a critical factor
• C) When the lead entrepreneurs are deeply involved with other pursuits
• D) When no one on the team is willing to take the lead in writing the document
• E) It is not a good idea to hire an outside professional to write the business plan

---

Definitions:

Monthly Compounded

Refers to the process of adding interest to the principal sum of a loan or deposit, recalculated on a monthly basis. This is a repeat of Compounded Monthly with a new definition focusing on recalculating interest increase.

Compounded Monthly

Compounded monthly refers to the process where the interest earned on an investment is added to the principal sum each month, causing the principal amount to grow at an increasing rate.

Effective Rate

The actual interest rate an individual pays or earns on a loan or investment, taking into account the effects of compounding.

Compounded Semiannually

Refers to the process of calculating and adding interest to the principal balance of an investment or loan twice a year.