Creating a business plan:
A) is a great way to analyze an opportunity.
B) is a one-shot process.
C) is vital only when there is outside capital.
D) is the same as screening an opportunity.

Question

Quizplus · Accepted Answer

Creating a business plan is a great way to analyze an opportunity, assess its feasibility, and identify potential challenges and risks. It helps the entrepreneur to evaluate the market, target audience, competition, marketing strategy, financial projections, and other critical factors that impact the success of the venture. It is an iterative process that requires continuous refinement and adaptation based on feedback and new information. It is not a one-shot process or relevant only for external funding purposes.

Creating a Business Plan