Business plans

Question 1

what is the definition of a business plan?

Answer 1

A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecast

Question 2

what are the benefits of a business plan?

Answer 2

-helps entrepreneurs focus on their missions
-encourages a logical approach to setting up a business
-outlines everything that needs to be done
-helps assess the feasibility of a business idea

Question 3

what are the drawbacks of a business plan?

Answer 3

-entrepreneur may lack expertise
-can cost money to produce
-takes time to carry out research and write the plan