Scenario D.Mustafa has begun the planning process for his entrepreneurial venture.He has completed an assessment of his vision to operate a home-care service for the elderly,for which he feels there is a strong market.He has a good understanding of the availability of his own resources and his personal ability to manage the business.Now he is prepared to start compiling functional plans for marketing,finance,and human resources so that he can obtain the financing he will need to start.He is also contemplating how to develop the right reputation and create the proper networks to find employees and customers as well as get advice from fellow businesspeople.
-During the formal planning process,after the current assessment,if Mustafa still believes in the potential of the venture,he should proceed with a(n)
A)environmental analysis.
B)SWOT analysis.
C)promotional plan.
D)opportunity analysis.
E)business plan.

Question

Quizplus · Accepted Answer

Once Mustafa has completed his initial assessment and believes in the potential of the venture, the next step in the formal planning process would be to create a comprehensive business plan. This would include functional plans for marketing, finance, and human resources, as well as a detailed analysis of the industry and competition, financial projections, and implementation strategies. A business plan is essential for obtaining financing and outlining a clear path forward for the venture. Therefore, option E - business plan - would be the best choice.