BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1. Creates the Business Model for Investor
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2 It is just a plan on paper
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3. Highlights risks and challenges and opportunities for a idea or company
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4. It is just way to do more research about various businesses
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Detailed explanation-1: -The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.
Detailed explanation-2: -The primary purpose of a business plan is to establish your plans for the future. These plans should include goals or milestones alongside detailed steps of how your company will reach each step. The process of creating a roadmap to your goals will help you determine your business focus and pursue growth.
Detailed explanation-3: –A business plan may help you secure financing for your business.-A business plan helps you communicate your ideas to others.-A business plan can serve as a tool for managing your business.
Detailed explanation-4: -Explanation: The production of a business plan is likely to help (not hinder) the achievement of business aims and objectives and minimise the chance of the business failing. This is because it provides a comprehensive framework which guides operations and decision making.