A business plan is best described as a: a. contract b. narrative description of a new...
A business plan is best described as a:
a. contract
b. narrative description of a new business
c. budget
d. marketing initiative
e. agreement
Homework Answers
Answer
Option b
b. narrative description of a new business
It is a description of the proposed business but it is not a budget, contract or marketing initiative or an agreement. It is used to attract fundings.
Answer:
The correct description is:
b. narrative description of a new business
Explanation:
A business plan is a comprehensive document that outlines:
Goals and strategies for a new or existing business.
Market analysis, operational structure, and financial projections.
Purpose: Used to secure funding, guide growth, or attract partners.
Why Not Other Options?
a. Contract / e. Agreement: Legally binding terms (a plan is not enforceable).
c. Budget: Only one component of a business plan.
d. Marketing Initiative: A subset of the broader strategy.
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