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Reasons why a Business Plan is important to an Entrepreneur.A business plan shows how capital will be raised and allocated.It guides the entrepreneur to avoid making misstates.The plan motivates one to achieve the set targets.It is usually required by institutions or people who are likely to finance the project.A plan is used to test the dreams and ideas of the entrepreneur.A plan removes uncertainty and worry when starting a business.It is used to evaluate the business by comparing the set goals and the achieved results.
Measures consumers may employ to protect themselves against business malpractices are;Forming consumer associationreporting cases to policeBuying from authorized dealers/sellersInspection of commodities before buying
Ways in which an entreprenuer contributes to the production of goods include;Identified viable business opportunitiesProvides guidelines on how production should be organizedCo- ordinates other factors of production should be organizedProvides capital necessary to cater for productionHe assembles / marshals other factors of productionHe is the major decision makerHe rewards all the factors of productionHe bears all risks / incurs all losses and enjoys all profits
Personal traits of a good entrepreneur are;Being open minded. Listen to othersLearning from mistakesPerseveranceDisciplinedRisk takerPersistentVisionary
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