Why do many entrepreneurs write a business plan after they have exhausted their personal funds?

Question

Quizplus · Accepted Answer

Writing a business plan after exhausting personal funds is a common strategy to obtain outside funding from investors, lenders, or partners. A business plan outlines the company's goals, strategies, market research, financial projections, and other key information that is critical for investors to evaluate the feasibility and potential return on investment. Without a well-written business plan, it is difficult to communicate the value proposition and convince others to invest in the business.

Why Do Many Entrepreneurs Write a Business Plan After They