ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Writing a business plan forces a firm’s founders to systematically think through each aspect of their new venture.
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For most new ventures, the business plan is a dual-purpose document used both inside and outside the firm.
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A large percentage of entrepreneurs do not write business plans for their new ventures.
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The business plan should be written while the feasibility analysis is being completed.
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Detailed explanation-1: -A feasibility study is filled with calculations, analysis and estimated projections while a business plan is made up of mostly tactics and strategies to be implemented in other to grow the business.”
Detailed explanation-2: -You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment.
Detailed explanation-3: -Not making one. As an entrepreneur, surely you’re more excited about doing the thing you want to do that writing a plan about it. Being unrealistic. Poor executive summary. Too long. Not backing up what you say. Not focusing on the team, and your role as the head. Sloppy mistakes. 20-Nov-2019