Lamont wants to improve his chances to be a successful entrepreneur and so he has written a business plan.One advantage of developing this plan is that it:

Question

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Developing a business plan forces the entrepreneur to thoroughly think through all aspects of their proposed business, including financials, marketing, competition, and operations. This can help identify potential challenges and opportunities, and better position the entrepreneur for success. It is not directly related to meeting tax reporting requirements, securing financing, or changing business structure.

Lamont Wants to Improve His Chances to Be a Successful