Renaldo is creating a business plan. His first formal step should be to
A)secure financing.
B)write a business plan.
C)conduct an opportunity analysis.
D)get others to support one's ideas.
E)hire the right people.

Question

Quizplus · Accepted Answer

The first formal step in creating a business plan should be to conduct an opportunity analysis, which involves evaluating the potential market for the product or service, analyzing competition, and identifying potential challenges and risks. This will provide the necessary information to guide the development of a successful business plan. Secure financing, writing a business plan, hiring the right people, and getting support from others can come later in the process once the opportunity analysis has been completed.

Renaldo Is Creating a Business Plan