Answer to Question #189531 in Economics for ntombi mshango

Question

Which one of the following objectives of a business plan does James’ business plan serve

? 1 To identify and describe the nature of the business opportunity or new venture

2 To present a written plan of how the entrepreneur plans to exploit the opportunity

3 Used as a management instrument for comparing actual results against targeted performance

4 To attract investors or persuade a bank, other institution or person, who provides financial resources, to lend the entrepreneur the money to establish the new business

Answer 1

A business plan is used to help manage an organisation by stating ambitions, how they will be achieved, and exactly when. Your business plan will serve as a key point of reference for investors, partners, employees and management to gauge progress against objectives.

So, all the answer describe the functions of business plan, so they all are correct.