BU111 Study Guide - Midterm Guide: Bell Labs, Hamburger Helper, Cash Flow
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This document is a formal, written expression of the entrepreneur s vision for converting ideas into a profitable, going business. The entry card for serious consideration by venture capitalists, banks and other sources of funding. 60 % of small, new companies have no business plan: reason: Entrepreneurs firmly believe in their ideas and their own ability to carry them through to success. Had little practice in writing formal documents. Entrepreneurs who prepare excellent business plans are more likely to attain success than those who do not: reduces the chance of venture failure. Increased the rate of new business and new product development. It is truly difficult to arrive somewhere unless you know where you want to go . Much more than a document to persuade skeptical people to invest in your new venture: also a detailed road map for converting your ideas and vision into a real, functioning business.
