MGTA01H3 Chapter Notes - Chapter 7: Business Plan, Sole Proprietorship, General Partnership

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

If an entrepreneur wants his business to survive and be successful, in addition to organization and effort, it requires planning. Business plan: the written document that lays out, in black and white and in a structured fashion, all of the things that you need to do, and have to happen, if the business you are planning is to succeed. Can test assumptions, build models, build models & identify areas where more expertise, more resources and research needs to be done. Government encourages well planned business because they create jobs and pay taxes. Evidence that entrepreneur is willing to work. A decision to lend, invest or supply a new business depends on the competence, credibility and character of the people who own and control the business. In 1975 a small team of passionate entrepreneurial people created the software giant we see today.