ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A business plan is important as ot forces the founding team to systematically think through every aspect of their new venture, and it ____
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is a budget
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is a public relations document that can be used to promote the firm
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is a contract that is signed by the founders of the firm
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is a financial analysis
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communicates the merits of a new venture to outsiders, such as investors and bankers
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Explanation:
Detailed explanation-1: -The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results. In fact, businesses that plan grow 30% faster than those that don’t.
Detailed explanation-2: -A business plan outlines your plans for the various aspects of the entrepreneur’s proposed business. It may include information about human resources, marketing, finances, operations and intellectual property. It is essentially a document that outlines sub-plans for each area of business.
There is 1 question to complete.