ENTREPRENEURSHIP

Detailed explanation-1: -A business plan is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s).

Detailed explanation-2: -The nature of business means that the purpose of a business is to provide services and products to meet the needs of customers in the market. It refers to the market sector in which the company conducts procedures and the general specifics of the company.

Detailed explanation-3: -In the marketing strategy section of your plan, you’ll address issues such as: Identification of your target buyers. The market segment in which you’ll compete. The reasons why the product or service you offer is unique.

Detailed explanation-4: -Which of the following statements accurately depicts an advantage that small business has over big business? A small business can maneuver and change quicker than most large businesses can.

Detailed explanation-5: -It does this by: Formulating and distributing a clear, concise statement of the central purpose of the business. Leading in the formulating of long-range organizational goals. Coordinating the activities of each department and division in developing derivative objectives.