Circumstances under which an entrepreneur would prepare a business plan
- When attracting funding- it is used to attract funding from potential investors and lenders as is justifies the viability of the business.
- When one wants to avoid mistake- it minimizes the impact of disruption of business activities as a result of unforeseen circumstances b7y anticipating challenges and possible setbacks.
- When one wants a blueprint for starting and operating a business.-It guides the owner/management‘s decision and actions on day to day business.
- When a tool for evaluation is required – It is used to evaluate business performance to see if it‘s achieving the set objectives
- When the owners wants to determine the finances required to start the business
- When identifying customers. It enables one to target appropriate customers to buy the product
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