BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or template.
Detailed explanation-2: -A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It also contains background information about the organization and team attempting to reach those goals. It has plan has two primary purposes.
Detailed explanation-3: -Informal business plans: These plans are used primarily by the business owner as a road map to success. It might be so informal as to be handwritten notes, or a bit more comprehensive typed out plan.
Detailed explanation-4: -A business plan is a fundamental document that any new business should have in place prior to beginning operations. Indeed, banks and venture capital firms often require a viable business plan before considering whether they’ll provide capital to new businesses.