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Question
What is a Business Plan?
Solution 1
- A business plan is a comprehensively written-down document prepared by the entrepreneur describing formally all the relevant external and internal elements involved in starting a new venture.
- It is a ‘road map’ required by the venture to evolve from an early start up to a mature business.
- It workouts all the relevant external and internal elements involved in starting a new venture and then running it successfully.
- It is a formal statement of a set of business goals to be achieved by the enterprise.
Solution 2
A business plan is a detailed document that outlines the goals of a business, the strategy to achieve them, the resources needed, and the potential challenges. It serves as a roadmap for starting, running, and growing a business.
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The first stage of a business plan is to come up with a business name supposing you are an entrepreneur, who is in the stage of deciding abusiness name for your enterprise would you :
(i)Keep the name of your enterprise, similar to one of the enterprises that are already doing really well in the same line of business?
(ii)Select/create a completely new name for your enterprise and create a brand name of your own? Give reasons. (Honestly)
An entrepreneur is doing an industry analysis. While he/she is analyzing his/her competitions in his/her line of business, he realises that the competitors are far better in their business plans and their execution. Should the entrepreneur add unique selling point in the existing plan to get a creative niche above others or should he/she go for a completely different line of business where the competition is less and he/she is easily able to place his/her feet in the market? Give reasons. (creativity and problem solving)
Raghav, an entrepreneur realises that the enterprise he wants to start has a potential risk of fire because the production process poses such a threat. Should he develop strategies to :
(i)Prevent the risk
(ii)Respond to the risk
(iii)Prevent as well as respond to the risk? Give reasons.
Enlist any three points of importance in framing the business plan.
