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APA
Subject:
Management
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Coursework
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English (U.S.)
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Topic:

Relevance of a Business Plan. Management Coursework

Coursework Instructions:

All entrepreneurial ventures have risks, and as we've discussed earlier in the semester, entrepreneurs don't try to eliminate risk. Rather we identify it and attempt to mitigate that risk. We attempt to reduce its probability and its scope. It is said that we 'manage' it.
In a way, one of the basic ambitions of this course is to find ways to minimize business risk. Isn't that one of the basic things a Business Plan does after all? I submit to you that the mere presence of a well-thought-out BP is a great way to identify (and mitigate) risks. What is REALLY risky is to ram your way into business without a plan!
For this week's HW, drop a few paragraphs my way to tell me how applying some of this reading can be helpful in the creation of a business plan itself. "What risks can a business plan address and help to mitigate?"

Coursework Sample Content Preview:

Relevance of a Business Plan
Name
Institution
Due Date
Relevance of a Business Plan
Drop a few paragraphs my way tell me how applying some of this reading can be helpful in the creation of a business plan itself. “What risks can a business plan address and help mitigate?”
A business plan can, first of all, help an entrepreneur maintain a certain level of flexibility or adaptability. While creating a business plan, many assumptions are made. However, even though some of these assumptions are grounded on facts, the future often evolves differently to what is predicted. So, with a business plan, one can include contingency plans which can help ensure that a business remains operational even with the uncertainties of the future. Uncertainty is a big risk in business. However, it is difficult to plan or factor in uncertainty in one’s business plan. But, one can consider different scenarios with a credible or realistic level of believabili...
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