BUISENESS MANAGEMENT
BUSINESS PLANNING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
To explain your idea
|
|
|
To help reduce the risk of business failure.
|
|
|
it’s a road map that sets objectives and goals for the business.
|
|
|
All of the above.
|
Detailed explanation-1: -A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan like a GPS for how to structure, run, and grow your new business. It’s a way to think through and detail all the key elements of how your business will run.
Detailed explanation-2: -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-3: -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.