A 400-word paper that includes at least one APA-formatted reference to material from this lesson. Needs to be a 5 paragraph essay. An introduction, three body paragraphs, and conclusion. The body paragraphs have be included in the introduction and conclusion.
Assignment 1.2: Why Have a Plan?
Complete this assignment to further your understanding of the importance of business planning.
In this activity, analyze and summarize the importance of business planning and the theoretical perspective that aligns a new business venture to practical decision-making and the success of a nascent entrepreneur. Discover why it an important strategic tool for long-term decision-making and post-market performance for the entrepreneur. What is the value for the nascent entrepreneur?
Deliverables
A 400-word paper that includes at least one APA-formatted reference to material from this lesson.
Activity Details
Perform the following steps:
Step 1: Read the following article
Reading the article below on the importance and value of business planning, particularly as a pre-market tool for decision-making and identifying your value proposition in the marketplace. Outline key points in this article by documenting your key ideas and your thoughts.
Chwolka, A, Raith, M. (2012). The value of business planning before start-up: A decision-theoretical perspective, (2012), Journal of Business Venturing, 27, (pp. 385-399)
Step 2: Address the following
After you have outlined the key points in the article, take time to reflect on the questions below:
What is the primary purpose of the business plan prior to market entry?
Creating a business plan within a startup phase requires an ongoing strategy and long-term planning. Why?
What are some of the benefits of business planning?
How does business planning influence decision-making?
Step 3: Use these writing guidelines:
Include a cover page and references in addition to your required word count.
Use correct APA format
Double-Space text
Use size 12 Times New Roman
Use section headings to organize
Indent paragraphs
Include in-text citations
Use correct spelling, grammar, sentence structure and verb tense
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