ENTREPRENEURSHIP

Detailed explanation-1: -A business model is a firm’s plan or recipe for how it creates, delivers, and captures value for its stakeholders. The proper time to develop a business model is following the feasibility analysis stage and prior to fleshing out the operational details of the company.

Detailed explanation-2: -The sequence for developing a proper business model includes validation of the various information regarding the business idea, then preparing the business model to analyze its success, then deciding the various operational requirements of the firm for the execution of a plan.

Detailed explanation-3: -The main purpose of writing a business plan is to test the viability of the business idea and set a path for the entrepreneur to follow. A business plan allows for bank loans and investors to gain insight into the business idea and determine the financial requirements.

Detailed explanation-4: -How are a firm’s core strategy and its mission related to each other as parts of a business template? The business mission is a primary element of the core strategy. What is a company’s “basis of differentiation, ‘’ and what is the importance of this part of a business template?