INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
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1. Creates the Business Model for Investor
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2 It is just a plan on paper
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3. Highlights risks and challenges and opportunities for a idea or company
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4. It is just way to do more research about various businesses
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Detailed explanation-1: -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-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: -What are three essential functions of a business plan? First, it guides the company operations and outlines a strategy for turning an idea into reality. Second, it helps persuade lenders and investors to finance your business. Third, it can provide a reality check in case an idea just isn’t feasible.
Detailed explanation-4: -It puts a plan in place when starting a new business. To conduct the necessary research. To evaluate competitors and find your audience. Sets objectives for employees and managers. Sets goals for you as an entrepreneur. To determine when new employees are needed. More items •11-Nov-2022