6. Analyse one benefit of a detailed business plan to an entrepreneur. [5]

[Sir Afzal Shad]

Q6. Analyse one benefit of a detailed business plan to an entrepreneur. [5]

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Possible Structure:
[KN]
[AN]
[AN+]
[AN+]
[AN+]

[usaid ashraf]

[KN]A detailed business plan will give clear objective to entrepreneur.
[AN]Therefore he will be able to lead the management efficiently as he will have a clear road map of what they have to achieve.
[AN+]This will reduce the cost of production due to efficiency.
[AN+]Enable the entrepreneur to measure the progress overtime.
[AN+]Identify potential risk and mitigate them.

[zeemal rashid]

[KN] helps to obtain finance for start-ups
[AN] therefore if the proposal is not written properly it would not be approved by the lenders
[AN+] it shows the plans of the entrepreneur and why he needs the money
[AN+] thus, it's success would lead to increase in effectiveness of the business
[AN+] hence, it would help improve the business's chances of success as it can establish properly and gain its growth

[Aleezay Naseem]

Kn: provides clarity , possible issues and clear objectives to entrepreneurs
An:a business plan is a way to guide growth and navigate expansion into new markets
An+ because of a business plan the possible issues are highlighted along with their solutions
An+ this way a business will know how to avoid further complications In business
An+ since the problem will be dealt with smoothly it doesn't affect business's level of production

[Shanze Arsalan]

KN: Business will be able to analyze possible risks and problems it can possibly face in the future
AN: when they will be able to anlayze these risks they will also focus on solutions that would be able to solve these problems
AN+: In this way less time is wasted in the future and less resource wastage is done due to better system management and resilience in the business while facing technical difficulties
AN+:This will lead to better productivity in the business as employees will know what to avoid and what to focus on more
AN+: When productivity will be high lesser the gaps will be in the cash flow of the business and better the financial stability.

Once again i think this answer is not efficient enough and my brain is too much drowned to think in deep now.

[Haniya Abrar]

KN: business plans will help set clear objectives for an entrepreneur
AN: Objectives will give a clear sense if direction to all parties involved in production
AN+: Employees will become more efficient due to clear direction
AN+ Efficiency of employees will lower costs
AN+: Hence entrepreneur will enjoy greater profits

[Hamnah Naz]

[KN] A detailed business plan may help an entrepreneur to obtain finance for startup. [AN] This means that a business plan that outlines business proposals clearly makes it easier to convince investors or creditors to provide finance. [AN+] Banks may be less reluctant to provide loans if they business plan clearly states strategies and outlines a financial forecast. Similarly, shareholders being able to see aims and ethical management tactics of business may be willing to invest finance. [AN+] As a result of these investments, the business may face fewer financial problems and may be able to divert its focus on other areas of expansion such as increasing customer loyalty and employee motivation which in turn may increase efficiency. [AN+] In addition, the business fulfilling it's startup financial needs may also be able to allocate it's finance in other areas such as research and development to identify possible gaps in the market and hence meting those needs of customers profitably. This may provide a competitive advantage to the business.

[Hamna Zia]

[KN]A business plan enhances the access to financing of the entrepreneur.
[AN]Business plans include detailed financial projections, including revenue, expenses, and cash flow. This financial overview allows entrepreneurs to plan for the allocation of resources, including capital, personnel, and equipment, ensuring that resources are used efficiently and cost-effectively.
[AN+]It will increase the overall efficiency of the business.
[AN+]Since the business plans are already made, it will take less time to operate and make decisions as the aim and objectives are clear.
[AN+]The business will also get to know the major complications and risks and will get time to avoid or mitigate them.