MGT 401 Week 2 DQ 1

It is important for an entrepreneur to develop a business plan because a business plan serves as a base for starting any kind of a business.  During the process of building a business plan, an entrepreneur does a lot of thinking, brainstorming and research which brings forth many hidden aspects of starting a particular business.  A business plan prepares an entrepreneur for any unforeseen challenges. A business plan is also needed in getting loan approvals and helping an entrepreneur go forward in a systematic way.

A business plan must include financial statements and projections, market selection and promotion strategy, SWOT analysis, competitor analysis, viability of the idea, logistics and operations strategy, and contingency planning
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