Q: What is the importance of a business plan?
A: A business plan is crucial for obtaining funding, providing a reality check, and serving as a blueprint for the business. It helps entrepreneurs think through all key elements of their business.
Q: What are the main sources of startup-phase financing?
A: Startup-phase financing typically comes from personal savings, loans from friends and family, small bank loans, trade credit, crowdfunding, and accelerators.
Q: How can a business sustain growth?
A: Sustaining growth involves having a sustainable strategy, expanding into new markets, and scaling up operations. It also requires maintaining an innovation-friendly culture and strategic direction.
Q: What are some common exit strategies for entrepreneurs?
A: Common exit strategies include initial public offerings (IPOs), mergers and acquisitions, employee stock ownership plans (ESOPs), and selling the business to management or new owners.