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The Entrepreneurial Mind - Compress
The Entrepreneurial Mind - Compress
The Entrepreneurial Mind - Compress
3. Would the entrepreneur be better off spending more time selling his or her
product rather than
investing so much time in writing a business plan?
- All entrepreneur wants their business to grow and earn more, but in many
cases when a business is not well planned, there is a high tendency that it
will not succeed or it will take years or more to expand. Especially if the
entrepreneur does not have a business plan in the first place, focusing on
selling the product in the market without having thought of creating a
business plan is like going to a war without any weapon on hand. It means
that the entrepreneur might not be able to solve a specific problem that might
occur in the business. Meanwhile, if the entrepreneur will spend too much
time writing a Business Plan, it will also affect his/her business, because
he/she would not be able to handle the business well. Therefore, writing a
Business Plan is necessary but it should not take all your time especially if
you already started the business.
4. If a business plan is to be used to raise capital, then why would the entrepreneur
want to advertise the firm’s major risks by detailing them in the business plan?
- The business plan will also tackle some of the possible problem that a
business might encounter therefore, the entrepreneur will be able to
determine the risk of the business and to come up with a possible solution.
5. What is the purpose of the business plan if the audience is (a) the entrepreneur,
(b) an investor, or (c) a key supplier? How might the plan be adapted for these
audiences? Or do you believe that it is better to simply have one business plan that
serves all audience
a) The Entrepreneur
b) The Investors
- The purpose of the business plan to the investor is to provide them a clear
vision of the business that they are going to invest therefore, the
entrepreneur must be able to provide a good business plan to persuade an
investor in investing to the business.
c) The Supplier