MANAGEMENT

Detailed explanation-1: -Your business plan should never-under any circumstances-list any risks or potential problems your new business could face. Information about insurance and rental or lease agreements should be included in the operations section of your business plan.

Detailed explanation-2: -Why is a business plan important? A business plan is a very important and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives.

Detailed explanation-3: -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-4: -Don’t write a plan before you understand your customer. It pays to plan. Entrepreneurs who write business plans are more likely to succeed, according to our research, described in an earlier piece for Harvard Business Review.