BU121 Study Guide - Midterm Guide: Gross Margin, Experience 7, Cash Flow Statement
Document Summary
A business plan: formal writen document that explains the entrepreneur"s vision and how it will be converted into a proitable, viable business. It should be a short, and precise because it is most likely to change. Steps of a business plan: develop a simple, basic business plan, start the business, take info gained from staring/running the business and use it to reine the plan and obtain funding if necessary. A well prepared business plan will help you with the process of planning. Will help explain what the business is trying to accomplish (and how it will be accomplished) Provides a clearer understanding of the best ways of proceeding. Will give investors a clear idea of vision, without going through a 20 minute presentaion. Encourages entrepreneurs" to create speciic goals and plans for reaching them. Beginning of the report that one can simulate another person"s interest.
