A new business venture must develop a comprehensive business plan to borrow money to get started. 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?

A new business venture must develop a comprehensive business plan to borrow money to get started. 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?

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter7: Entrepreneurship

Section: Chapter Questions

Problem 5CRQ: Why is it important to develop a business plan? What should such a plan include?

See similar textbooks

Related questions

Q: 1. Red Ocean Strategy is creating an industry out of an existing one. TRUE FALSE 2.Blue Ocean…

A: 1. True: The red ocean strategy is a methodology usually followed by the business enterprises to…

Q: w points are Current practicing (due covid-19) in training and development area. explain and give…

A: -Encourage employees to use outside learning platforms - Substitute the in-person preparation…

Q: A successful entrepreneur may need a support of banking institutions and Non- banking financial…

A: ENTREPRENEURSHIP: Entrepreneurship is the process of establishing a business by undertaking…

Q: Ahmed is an honest doctor in XYZ Hospital. He was instructed by the hospital director to sign a sick…

A: A professional dilemma is an ethical problem that needs an individual to choose a particular course…

Q: real thing I'd like to teach the world to sing In perfect harmony And I'd like to buy the world a…

A: Some brands grow so big in size that they become a part of the lives of the consumer. The brand…

Q: Need a detailed self explanatory solutions for the following questions a) What are the critical…

A: Mergers and acquisitions is a general term used to describe the consolidation of companies or assets…

Q: What are some of the environmental problems related to industrial development? Name three. Describe…

Q: What is a key benefit of receiving sales data in near real time? a. You can use metrics…

A: Sales data help the marketers to measure the sales. Sales data is read by the machine which helps in…

Q: Choose any organisation of your choice and employ the “SPACE Matrix” to demonstrate the current…

A: Ans. There are wide variety of companies but let's take an example of Apple to find its SPACE…

Q: There are four general steps in conducting an external environmental analysis starting with scanning…

A: Every association/organization must have an internal and external environment. In order to be…

Q: The entry barrier of the new companies is considered to be high if existing companies have…

A: To stop a start-up from entering a specific market is Barriers to entry. The factors include…

Q: The motto "Quality is job one" used by Ford Motor Co. in the 1980's is an example of a. a very…

A: The motto "Quality is job one" used by Ford Motor Co. in the 1980's is an example of

Q: Which customers tend to be relatively younger, better educated with higher income and are happy to…

A: Adoption process is a mental or a psychological process through which the customers go while making…

Q: MHG LLC is a perfumes company. it has 8 different brands, each brand has a different quality.…

A: Differentiation: Differentiation is defined as it is a process which help to…

Q: The titles corporate venturing and venture capital are often confused. Using theory, discuss their…

A: Every business organization requires capital funding for its new business. business. Business…

Q: This is only just a assessment pls help Our product is BATHROOM HAIR KEEPER and our Company Name is…

A: Since you posted a question with multiple sub part, we will solve the first three sub parts for you…

Q: A manager has a clear knowledge of where the company needs to be at the end of the coming year and…

A: B.Implementation Incorrect option. The activity that is carried out according to a set of…

Q: When a CEO decides to set up a new business unit in another country, he makes a/an: a. Strategic…

A: Option D is incorrect, The reason is that short-term planning focuses on the present and it helps to…

Q: WITH REFERNCE TO THE ARTICLE, EXPLAIN WHAT YOU WOULD REGARD AS BEING RED BULLS GREATEST STRENTHS AS…

A: A SWOT analysis is a kind of strategic planning method which is used by every business nowadays. It…

Q: You are working with potential sponsors to determine which project your company will pursue. Based…

A: When you’re asked to use benefit-to-cost (BCR) ratios to select a project, always choose the project…

Q: Christian managed a team of scientists for a large chemical company. Even though each scientist…

A: Leading is the function of management that uses influence to motivate and encourage team members to…

Q: In times of Covid 19, XYZ Ltd., a company dealing in car accessories is not happy with their current…

A: The contingency approach in management suggests that no single approach can be used in the company…

Q: After the analysis of your company Microsoft Corporation , please write the following sections in…

A: In every organization, there are a lot of tasks and activities that are to be completed. For this…

Q: Google started as the sixth best search engine. Facebook started at a time when MySpace and…

A: Google or Google LLC is an American multinational company owns and functions internet and internet…

Q: Assume its 2013. You've an idea in regards to a food delivery service could work in Pakistan and you…

A: Out of 207 million occupants, 63 percent of Pakistan's populace is comprised of youth, as per the…

Q: What role does having an SLA play for supporting external projects with consultants or third-party…

A: The agreement focuses on the service level by laying out metrics by measuring the different level of…

Q: Propose a competitive training strategy that will improve the position of the business in the…

A: Business chosen: Bakery

Q: What do you think are some of the difficulties of adding 25 percent more employees for the holiday…

A: Amplified seasonal consumer expenditure is a great update for bottom lines, but it is only possible…

Q: If flat organizations are agile due to fast paced changing environmental factors, why do they still…

A: Organizations are global these days. The way organizations work is quickly changing these days. This…

Q: Your friend is opening a new GMAT (exam) coaching company. The company will travel to different…

A: A Mission Statement:Reflects the organization's business, its targets, and its way to deal with…

Q: Mission or purpose defines the reason the exiatance of business " , do you think mission statement…

A: Business is a process in order to earn money in exchange of goods and services provided by the…

Q: Evaluate the persuasiveness of Mazzucato’s arguments in The Value of Everything (2018) using the…

A: A Small Introduction About Critical Management Being basic can be positive and valuable and can…

Q: After the analysis of your company Toyota Motor Corporation , please write the following sections in…

A: In every organization, there are different types of activities and tasks that are being carried out.…

Q: Why does Developing and implementing a portfolio strategy for each business unit and a corporate…

A: Portfolio management is the art and science of selecting and overseeing a group of investments…

Q: What role do you think goals would play in planning for this training event? List some goals you…

A: The goals of the training will help to ensure that the business strategy was understood by every…

Q: After the analysis of your company Amazon , please write the following sections in report form:…

A: Various kinds of tasks and activities are carried out in an organization. There are three levels of…

Q: All of the following are characteristics of a project EXCEPT: Select one: a. Has a defined…

A: A project can be stated as the sequence or series of activities that must be accomplished to attain…

Q: According to Paul Spee, strategy-as-practice is: Practicing strategy until you get it right. A way…

A: 1. Practicing strategy until you get it right means again and again practicing the same strategy…

Q: A way of avoiding the discontinuous innovation and market destruction associated with radical…

A: Innovation aims to advance sectors both inside and beyond the business. The following is an…

Q: Top-down and bottom-up planning approaches are considered as project-based planning while innovative…

A: Introduction: Planning is the deliberate and systematic process of deciding on future goals and…

Q: Due to Covid-19 many organizations worked hard to continue serving the same clients by offering the…

A: Where and how you will focus your efforts to attain your goals—or, "where to play and how to win"—is…

Q: concept of strategy formulation and grasped detailed knowledge on input and matching stage. Now your…

A: Strategy formulation is the process by which an organization selects the best techniques, and…

Q: Salim would like to set up a business. But his dad advised him to look for a job. What benefit Salim…

A: In order to be a successful entrepreneur, one must possess the following qualities: Innovative and…

Q: Sultan Al Ghafri intended to open up a branch of his business in one of the rural areas in Vietnam.…

A: Marketing research can be explained as the process through which the company or organization tries…

Q: 36)include internal capabilities, resources, and positive situational factors that may help the…

A: Customer refers to an individual or organization or group of Individuals that purchases goods or…

Q: Create a business plan for a hypothetical business Please include: Description of a business The…

A: Business plan is a detailed written document that is made up at the time of starting any business.…

Q: ( Mission statement should contain tacit descriptions of their competitive advantage. Select one: a.…

A: Yes Its True! Competitive advantage arises from leveraging a firm’s unique skills and resources to…

Question

A new business venture must develop a comprehensive business plan to borrow money to get started. 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?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions

Most planning involves strategies for growth. But is growth always the right direction to pursue? Can you think of some organizations that should have contraction rather than expansion as their objective? Do you know of any organizations that have actually planned to get smaller rather than larger to increase their success?
From the perspective of an investor, what is the most or least important element of a business plan, and why? To say this another way, what is the first or last section of the plan that you would read? Discuss one or the other.
Good planning forces entrepreneurs to anticipate several things for his business. What are they?
Which aspects of a business plan should be kept up dated?
If successful companies like Pizza Hut have been started without a business plan, why does the author claim they are so important?
Develop and present a business plan. Tell us the kind of business you are presenting and why. some of the challenges you encounter.with references
What aspects of financial planning would have helped the company?
If you have your own business, how would you consider that your business is in good direction towards your goals and objectives. Cite a dramatic scenario that will describe the word good direction.
compose one paragraph to the question: Is it appropriate to exaggerate within your business plan (the idea, numbers, plans)? Be sure to support your arguments and cite your sources.
Planning is the compass that guides us through the intricate terrain of our goals and ambitions. It is the deliberate act of envisioning the future and crafting a blueprint to turn aspirations into reality. In essence, planning is the bridge between dreams and accomplishments. It involves breaking down overarching objectives into manageable tasks, allocating resources judiciously, and anticipating potential hurdles along the way. Whether orchestrating a career path, embarking on a new business venture, or even mapping out personal development goals, effective planning serves as a strategic tool for success. It prompts us to ask: What key factors should be considered when formulating a plan, and how can adaptability be incorporated to navigate unforeseen challenges?
You plan to open a new business. Before you can approach a potential investor, you will need a strong plan. Describe the purpose and components of a business model and write a one-paragraph business model description for a business of your choice.
Management How can long-term planning help organizations anticipate and respond to industry disruptions and technological advancements?