MANAGEMENT

Detailed explanation-1: -A good business model can help new companies attract investors, recruit talented employees, and energize current management and staff. But business models aren’t just for new companies. Established businesses use business models to help them keep up with, or stay ahead of, constantly changing marketing trends.

Detailed explanation-2: -The executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. Many of the people who review your business plan will decide, based solely on the executive summary, whether to continue reading.

Detailed explanation-3: -A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business.

Detailed explanation-4: -Corporations offer the strongest protection to its owners from personal liability, but the cost to form a corporation is higher than other structures. Corporations also require more extensive record-keeping, operational processes, and reporting.