ENTREPRENEURSHIP

Detailed explanation-1: -A business plan is often referred to as a “living document”. This is because a these plans are constantly changing. Whenever new developments in competition, marketing tools, the legal factors which relate to an industry, or others change a business plan must be updated so as to keep relevant.

Detailed explanation-2: -A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals. A business plan lays out a written road map for the firm from marketing, financial, and operational standpoints. Both startups and established companies use business plans.

Detailed explanation-3: -A living business plan is more than a piece of paper. It is, instead, something that any investor can see, touch, smell and even taste. It will take your new business idea from written concept to a real prototype-and demonstrate proof of concept. Here’s how to make a dead business plan come alive.

Detailed explanation-4: -A business plan is a document describing a business, its products or services, how it earns (or will earn) money, its leadership and staffing, its financing, its operations model, and many other details essential to its success.

Detailed explanation-5: -Business plans go by many names: Strategic plans, traditional plans, operational plans, internal plans, growth plans, and many others. Different situations may call for different types of plans. And an effective business plan will match its intended use.