(a) What is a 'Business Plan'? State any two points why 'Business Plans' are considered as decision-making tools.

Question

Accepted Answer

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. Two points as decision-making tools: (i) Describing all necessary inputs for the enterprise. (ii) Explaining the mode of utilization of resources.