Final answer:
A business plan(option A) is essential for a new business, helping to outline goals and strategies, thereby increasing the chances of success and attracting investors.
Step-by-step explanation:
The answer to the question is: Having a business plan improves the chances of success for a new business by providing an orderly statement of a company's goals. A business plan outlines a company's strategy and plans for its operations, marketing, management, and finances. It's a critical tool for attracting investment since investors look for well-structured business plans before committing financial capital. As a firm grows, the reliance on personal knowledge of managers decreases, and the emphasis on systematic business information provided in the business plan increases, making it vital for securing funding from investors like bondholders and shareholders.