ECONOMICS
ENTREPRENEURS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
long and detailed
|
|
|
crisp and concise
|
|
|
complex and technical
|
|
|
None of the above
|
Detailed explanation-1: -A business plan is an effective way of communicating with potential investors, and the level of expertise and time used in preparing a business plan also gives professional credibility to entrepreneurs. It analyzes and predicts the chances of success for the investor and helps to raise capital.
Detailed explanation-2: -A business plan plays a key role in allocating resources throughout a business. It is a tool that can help you attract new funds or that you can use as a strategy document. A good business plan reveals how you would use the bank loan or investment you are asking for.
Detailed explanation-3: -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-4: -Tell a story. A common topic among experts was the need to be personable and create a narrative. Define the problem. You might be head over heels about your business concept. Practice as much as you can. Be realistic. 21-Feb-2023