Relevance of a Business Plan. Management Coursework

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...