BUISENESS MANAGEMENT
BUSINESS PLANNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Give you business ideas.
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Guarantee that you will get capital from investors.
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Help you hire employees.
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Describe the intent or purpose of a new business idea.
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Detailed explanation-1: -✓ 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-2: -A business plan is a written tool about your business that projects 3-5 years ahead and outlines the path your business intends to take to make money and grow revenue. Think of it as a living project for your business, and not as a one-time document.
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: -Explanation: The production of a business plan is likely to help (not hinder) the achievement of business aims and objectives and minimise the chance of the business failing. This is because it provides a comprehensive framework which guides operations and decision making.