ENTREPRENEURSHIP

Detailed explanation-1: -For example, forecasting is important in developing premises as it is a technique of gathering information. Forecasts can be made about the demand for a particular product, policy change, interest rates, prices of capital goods, tax rates etc. Accurate forecasts, therefore become essential for successful plans.

Detailed explanation-2: -The second phase in the planning process is developing premises. A management must make some assumptions about the future, which are referred to as premises. Assumptions are the foundation from which plans are built. They might take the shape of forecasts, current plans, and so on.

Detailed explanation-3: -The second stage of planning is referred to as developing the premises. In order to plan for the future, a manager must create some premises, which are known as assumptions. Plans for the organisation are based on assumptions, which can be forecasts or modifications to current plans, among other things.

Detailed explanation-4: -Internal and External Premises. Controllable, semi-controllable and non-controllable premises. Tangible and Intangible premises.