Q. How does Business Plan help an entrepreneur?
A Business Plan does rightly connect you/ the stakeholders with the business and presents a better picture of the business with all the important facts and figures. It helps you in setting up the priorities, redesigning strategies, managing financials with the well planned and analyzed milestones. It also helps you in getting a better understanding of the target market, reducing the assumption the incorrect opportunities, with whole new research.
Q. How can market research provide a broad perspective to the market?
Market research is often conducted to find some useful or critical factors of the business, which may help you in understanding the industry or business scenario. The gathered data from the market research gets analyzed to filter best profitable business ideas or to get insights about the project viability or to learn in-depth knowledge about the business or project; which will ultimately help in developing the trends that suit the business style. The data collected meticulously also helps in understanding the competition, market trends, customers as well as the innovations.
Q. How Business Model influences decision making?
A solid business model always aims at showing routes alike PERT Charts, which will explain the different ways of doing the business with different success ratios.