ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To explain your idea
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the ability to get financing.
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it’s a road map that sets objectives and goals for the business.
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To help reduce the risk of business failure.
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All of the above.
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Detailed explanation-1: -A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan like a GPS for how to structure, run, and grow your new business. It’s a way to think through and detail all the key elements of how your business will run.
Detailed explanation-2: -Explanation: A business plan is a very important strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs to focus on the specific steps necessary for their to make business ideas succeed, but it also helps them to achieve both their short-term and long-term objectives.
Detailed explanation-3: -A business plan helps in the identification of the resources for successful implementation. It crisply outlines the purpose of the business, the creation of the business, organisational structure, and responsibilities. It highlights the strategies that need to be adopted to achieve organisational goals.
Detailed explanation-4: -A business plan is a written document that clearly defines the goals of a startup or existing business and outlines specific methods for achieving these goals. An effective business plan acts as the management and financial blueprint for developing and growing your business.