MODULE 3: INDIVIDUAL ACTIVITY

Name: Missy L. Baluran BSBA MM 3H

Individual Learning Portfolio.

In your own words, (minimum of 30 words each question)

1. Why do you think the quality of the business plan is so critical to an

entrepreneur's success?
Answer: Business plan is a document that lays out every step required to launch and
run a profitable company. Making this document can either make an entrepreneur
successful or unsuccessful. Therefore, making a business plan with quality (accurate
information, and realistic objectives) will give an entrepreneur a very clear and
attainable guide to operate the business.

2. Why is it possible to write an executive summary only after you have written
the main body of your business plan?
Why might the executive summary be more important than the body of the plan?
Answer: An executive summary is a short restatement of the report. The main body of
the business plan or the entire strategy must serve as the foundation for the executive
summary's content. Prior to writing and completing the executive summary, the key
points must be identified.
Given that the executive summary comes before the body of the business plan and
that its primary goal is to draw readers in and hold their attention long enough to ensure
that they understand the entire plan, it may be more significant than the body of the
plan. Readers will want to read an executive summary before diving into the specifics of
the business plan's main body, that is why it should be convincing.

3. Why do you think it is important to include management and staffing issues in

the operations section of your business plan?
Answer: It is important to include management and staffing issues in the operations
section of your business plan because it will provide an opportunity to showcase the
qualifications, skills, and experience of the management team, allow for proactive
planning to mitigate risks, be vital for budgeting, determining hiring needs, and
allocating resources appropriately, help establish clarity and accountability, reduce the
potential for confusion and conflicts, and instill confidence and facilitate fundraising.
4. Why is it important for financial projections to be realistic and as accurate as
possible when writing your business plan?
Anwer: Making unrealistic financial projections is one of the mistakes in business
planning that should be avoided. The financial projections of the business plan is often
read first by potential investors, thus it is crucial that the estimates in this area be
accurate. Projections should be supported by reliable data on the company's potential
for growth. Additionally, potential investors and stakeholders will feel more confident in
your business's viability if you present realistic financial estimates as proof that you've
done extensive study and analysis. Overly optimistic or exaggerated estimates might
undermine credibility.