A new business venture must develop a comprehensive business plan if it hopes to acquire start-up funding. Companies such as FedEx and Nike say they did not follow the original plan closely. Does that mean that developing the plan was a waste of time for these eventually successful companies? List the benefits and limitations of planning

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Asked Oct 7, 2019
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A new business venture must develop a comprehensive business plan if it hopes to acquire start-up funding. Companies such as FedEx and Nike say they did not follow the original plan closely. Does that mean that developing the plan was a waste of time for these eventually successful companies? List the benefits and limitations of planning

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Expert Answer

Step 1

Yes, in order to get start-up funding a business must develop a plan stating the goals and objectives. It helps to increase the profits in the future and growth in the economy.

Step 2

A strong business plan attracts the financers and investors to finance for the start-ups. Making a business plan helps the company to obtain competitive advantage and highlight the performance indicators of the company. Many reputed companies do not fol...

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