In the start-up stage of an entrepreneurial business, formal planning tends to be nonexistent except for the business plan.

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In the start-up stage of an entrepreneurial business, formal planning tends to be nonexistent except for the business plan. Typically, entrepreneurs rely on informal planning and make decisions based on their intuition, experience, and knowledge. However, the business plan is a formal document that outlines the entrepreneur's vision, goals, strategies, and financial projections. The business plan may also include a market analysis, competitive landscape, and an overview of the industry. Overall, the business plan serves as a roadmap for the start-up business and is essential for communicating the idea to investors, lenders, and other stakeholders.

In the Start-Up Stage of an Entrepreneurial Business, Formal Planning