INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Environmental factors and internal factors can change the direction of the plan‘
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Goals set by the entrepreneurs may be unreasonable
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Goals may not be measurable
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Goals may not be specific
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Detailed explanation-1: -Environmental factors and internal factors can change the direction of the plan is the correct option. We need to update the business plan frequently so that we can fight unforeseen obstacles occurring due to dynamic environmental factors and internal factors.
Detailed explanation-2: -Updating your business plan ensures that the information is up to date and in line with the changing goals of your organization.
Detailed explanation-3: -Business plans should be reviewed and possibly updated at least once a year, especially for younger companies. Updating your business plan is more focused and fun than the writing the original one. Involve staff in the updating process. It is never too late to create a business plan.
Detailed explanation-4: -Updating any fixed cost changes, salaries, and any money that will be used to expand is crucial. Creating a financial forecast is key to attracting more funders with your business plan.
Detailed explanation-5: -Write a clear two-page executive summary. Emphasize the customer need or problem you are satisfying. Understand your own strengths, skills, and time available. Spell out the business model. Include a believable sales forecast. More items •31-Jan-2022