Get premium membership and access questions with answers, video lessons as well as revision papers.
The importance of a business plan is as follows:
- Better understanding of the business A business plan helps the entrepreneur appreciate the business needs of his venture beforehand. Through a well prepared business plan, the entrepreneur will be able to see clearly the problems he had not thought of earlier, so he becomes well prepared psychologically to deal with them.
- Financing from financial institutions An entrepreneur will need to secure funds for his business. Most lenders will require that he comes up with a business plan before they consider him for financing.
- A tool for management The entrepreneur refers to the business plan to the business plan to check whether the growth of the business is in line with the plan he had envisioned earlier. If not, he will have sufficient basis to manage the growth of the business s to direct it towards the right direction
- Communication tool A business plan is a strong communication tool for the business. It defines the purpose, competition, management and personnel. It clearly identifies the vision and mission of the business to all the stake holders.
- Highlights risks involved A credible plan will incorporate the risks the business is likely to encounter. They could be financial, operational or control risks as well as the measures put in place to manage the risks.
marto answered the question on February 4, 2019 at 09:07
- Explain the primary sources of marketing intelligence.(Solved)
Explain the primary sources of marketing intelligence.
Date posted: February 4, 2019. Answers (1)
- Outline four strategies of setting the price of a product.(Solved)
Outline four strategies of setting the price of a product.
Date posted: February 4, 2019. Answers (1)
- Briefly describe the following effective distribution strategies
i) Intensive distribution system
ii) Selective distribution system
iii) Exclusive distribution system (Solved)
Briefly describe the following effective distribution strategies
i) Intensive distribution system
ii) Selective distribution system
iii) Exclusive distribution system
Date posted: February 4, 2019. Answers (1)
- List five challenges facing small and medium sized enterprises (SMEs) in your country.(Solved)
List five challenges facing small and medium sized enterprises (SMEs) in your country.
Date posted: February 4, 2019. Answers (1)
- Briefly explain three methods of financing a takeover(Solved)
Briefly explain three methods of financing a takeover
Date posted: February 4, 2019. Answers (1)
- Distinguish between an acquisition and a merger.(Solved)
Distinguish between an acquisition and a merger.
Date posted: February 4, 2019. Answers (1)
- Describe the procedure of registering a private company.(Solved)
Describe the procedure of registering a private company.
Date posted: February 4, 2019. Answers (1)
- Many organizations today have realized the need for promotion of corporate entrepreneurship. In relation to the above statement, argue the case in support of...(Solved)
Many organizations today have realized the need for promotion of corporate entrepreneurship. In relation to the above statement, argue the case in support of corporate entrepreneurship
Date posted: February 4, 2019. Answers (1)
- Highlight six common mistakes that entrepreneurs make in global marketing. (Solved)
Highlight six common mistakes that entrepreneurs make in global marketing.
Date posted: February 4, 2019. Answers (1)
- Explain the term “Global marketing” (Solved)
Explain the term “Global marketing”
Date posted: February 4, 2019. Answers (1)
- Suggest five measures that an entrepreneur could take in order to improve cash flow in an enterprise. (Solved)
Suggest five measures that an entrepreneur could take in order to improve cash flow in an enterprise.
Date posted: February 4, 2019. Answers (1)
- Summarize five benefits that could accrue to an entrepreneur from business amalgamation (Solved)
Summarize five benefits that could accrue to an entrepreneur from business amalgamation
Date posted: February 4, 2019. Answers (1)
- Explain the patent process. (Solved)
Explain the patent process.
Date posted: February 4, 2019. Answers (1)
- In relation to the sale of shares, highlight five factors that an entrepreneur would consider before going public.(Solved)
In relation to the sale of shares, highlight five factors that an entrepreneur would consider before going public.
Date posted: February 4, 2019. Answers (1)
- Summarize five roles that an entrepreneur could play as an innovator in an enterprise. (Solved)
Summarize five roles that an entrepreneur could play as an innovator in an enterprise.
Date posted: February 4, 2019. Answers (1)
- Highlight five non-financial incentives that entrepreneurs could use to motivate employees in an enterprise.(Solved)
Highlight five non-financial incentives that entrepreneurs could use to motivate employees in an enterprise.
Date posted: February 4, 2019. Answers (1)
- Summarize four sources of internal capital (Solved)
Summarize four sources of internal capital
Date posted: February 4, 2019. Answers (1)
- Discuss five factors that an entrepreneur should put in consideration before deciding on the form of business ownership.(Solved)
Discuss five factors that an entrepreneur should put in consideration before deciding on the form of business ownership.
Date posted: February 4, 2019. Answers (1)
- Explain four internal and four external factors which motivate individuals to develop entrepreneurial behavior.(Solved)
Explain four internal and four external factors which motivate individuals to develop entrepreneurial behavior.
Date posted: February 4, 2019. Answers (1)
- Describe features of the five stages of the business life cycle.(Solved)
Describe features of the five stages of the business life cycle.
Date posted: February 4, 2019. Answers (1)