Author Question: There is an emerging school of thought that opposes the idea of writing a business plan and ... (Read 160 times)

captainjonesify · **on:** Jul 6, 2018

There is an emerging school of thought that opposes the idea of writing a business plan and advocates experimentation and trial-and-error learning gleaned through customer feedback and formal planning.

How does the approach to writing a business plan described in this book differ from this philosophy? How does trial-and-error learning figure into the approach to writing a business plan advocated in this book?
What will be an ideal response?

Question 2

A virtual company displays which of the following characteristics?

A) It consists of only part-time employees who telecommute.
B) It consists of some permanent employees and many contingent workers.
C) It consists only of contingent workers.
D) It consists of mostly permanent workers and a few contingent workers.

juliaf · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

This book takes the opposite approach, arguing that a business plan, proceeded by a feasibility analysis, represents an important starting point for a new venture and serves many useful purposes. In this sense, those developing a business plan should understand that it is not intended to be a static document written in isolation at a desk. Instead, it is anticipated that the research conducted to complete the plan, and the preceding feasibility analysis, will place the founders in touch with potential customers, suppliers, business partners, and others, and that the feedback obtained from these key players will cause the plan to change as it's being written.

Answer to Question 2

Answer: B