1. Do you agree with the first applicant that there is no need to write a Business Plan? If
not, explain why you disagree?
I do not agree with the first applicant. In the professional world everybody needs a plan
to make progress. A business without a plan is most likely to fail and according to the chapter 5
half of the new businesses are most likely to fail with in the first five years. In todays economy
business are very competitive and the market demand is changing, In order to keep up necessary
changes have to made very often. If the owner cannot cope with the changing economy the
business will most likely fail. In order to cope with the changes owners have to come up with a
business plan.
Business needs funds to operate. Many financial institutions make decision based on the
business plan provided by the owners. If the Plan is appealing the business will receive financial
support from the banks but if there are no business plan, business are very less likely to get fund
loaned.
