ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is a drawback of business planning?
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Reduces risk by providing a guide for the business
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The plan will need to be constantly updated
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It will help to secure any finance required
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Allows the business to review its progress
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Explanation:
Detailed explanation-1: -Updating any fixed cost changes, salaries, and any money that will be used to expand is crucial. Creating a financial forecast is key to attracting more funders with your business plan.
Detailed explanation-2: -Your business plan can cause you to stop looking outward. Sometimes, especially in business, you need to be reactive to market conditions. A lot of time can be wasted analyzing performance. A business plan is out of date as soon as it’s written.
There is 1 question to complete.