For each question below, answer each in 2-3 paragraphs.
1. What is a business plan, and what key components should it include?
In your response, explain the definition of a business plan and outline its essential components, such as the executive summary, market analysis, and financial projections.
2. Why is having a business plan crucial for both new and established businesses?
Discuss the significance of a business plan for guiding decision-making, securing funding, and providing a roadmap for growth and operations in both new and mature businesses.
3. How can a well-structured business plan contribute to attracting investors or securing loans?
Elaborate on how a business plan demonstrates the viability and profitability of a business, helping investors and lenders feel confident in providing financial support.
4. In what ways does a business plan assist in setting goals and measuring business performance over time?
Explore how a business plan helps in defining short-term and long-term goals, and how it serves as a tool to measure success and adjust strategies as necessary.
SOURCE: Textbook only chapter 5
