A business plan is important as it forces the founding team to systematically think through every aspect of their new venture, and it ________.

Question

Quizplus · Accepted Answer

A business plan serves to communicate the merits of a new venture to outsiders, such as investors and bankers. It outlines the business model, mission and vision statements, market analysis, marketing and sales strategies, financial projections, and management team, among other things. While it may include budget and financial analysis components, it is not solely a budget or financial analysis. It is also not a public relations document, contract, or signed agreement.

A Business Plan Is Important as It Forces the Founding