Why is a business plan used?
Answer and explanation
Correct answer: To provide clear direction for the business’s goals, activities, and strategies
A business plan organises important information about a venture, including its objectives, customers, product or service, operations, resources, budget, marketing approach, and possible risks. It guides decisions and helps communicate the idea to potential supporters. It is not meant to hide problems or encourage spending without planning.
Frequently asked questions
What is the correct answer to this question?
To provide clear direction for the business’s goals, activities, and strategies
Why is this the correct answer?
A business plan organises important information about a venture, including its objectives, customers, product or service, operations, resources, budget, marketing approach, and possible risks. It guides decisions and helps communicate the idea to potential supporters. It is not meant to hide problems or encourage spending without planning.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
