GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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owners of successful businesses usually develop and follow a business plan
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business owners can hire someone to develop their business plan
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business plans should not be revised nor updated
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developing a business plan forces owners to thing about activities, time requirements, and costs
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Detailed explanation-1: -Explanation: A business plan is a carefully drafted statement about a business, its objectives, and how it intends to successfully produce and sell the product / service to its target market and, ultimately, achieve its objectives. It does not include, target ‘research’.
Detailed explanation-2: -Business plans are living documents and need to be revisited every so often to ensure they are still relevant. In this way you can continue to use and benefit from the strategies and tactics. Further, business plans are forward-looking, so they are based on estimates, which means updates are often necessary.
Detailed explanation-3: -Unrealistic Financial Projections. Not Defining the Target Audience. Over-Hype. Bad Research. No Focus on your Competition. Hiding Your Weaknesses. Not Knowing your Distribution Channels. Including Too Much Information. More items