ENTREPRENEURSHIP

Detailed explanation-1: -The primary focus in managing a new business should likely be: financing and planning. When seeking a loan from a bank, an entrepreneur hoping to start a new business should realize that bankers will: expect the entrepreneur to have a well prepared business plan.

Detailed explanation-2: -2. What is the purpose of a Business Plan? ✓ The purpose of a Business Plan is to identify, describe and analyze a business opportunity and/or a business already under way, examining its technical, economic and financial feasibility.

Detailed explanation-3: -The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.

Detailed explanation-4: -Entrepreneurial management includes setting specific goals for the new venture. Setting specific goals may help the entrepreneur manage their innovation in order to attain a certain outcome. For example, the app developer may establish a goal of 10, 000 downloads by the end of the year.

Detailed explanation-5: -Growth business plans This is also known as an expansion plan as it focuses on the long-term goals of a business. This business plan can be both external and internal. An external growth plan includes complete financial details and a funding request.