2.1 Business plans

Question 1

Contents of a busienss plan

Answer 1

nature of the marktet
Objectives
Marketing plan
Operational Plan
Financial plan

Question 2

Advantages of business plans

Answer 2

Allows entrepreneur to plan carefully every aspect of the startup
Identify lacking skills
Persuade banks to give loans as well as other sources of finances
Benchmark so the firm can see its progress

Question 3

Disadvantages of a business plan

Answer 3

Plan is only a forecast cant be guarenteed
Can take too long to make and slow other decisions down
Plans shouldnt be followed to rigidly need flexibility