Final answer:
The question 'why your business idea will be successful?' should be answered in the Executive Summary section of a business plan. This section highlights the business's value proposition, competitive advantages, and unique solutions, providing an overview of why the business is expected to be a success.
Step-by-step explanation:
The section of a business plan where the question 'why your business idea will be successful?' should be answered is typically found in the Executive Summary. This section serves as an overview of the business and succinctly expresses the fundamental reasons why the business is expected to succeed. It addresses the core value proposition, competitive advantages, and the unique solutions the business offers in response to market demands. While the marketing and sales strategy section provides details on how the business intends to attract and retain customers, the description of products and services outlines what the business offers. Financial management is also crucial, as it includes projections and budgeting, but these sections are more about the 'how' rather than the 'why' of business success.
In drafting the introduction or 'elevator pitch' of the Executive Summary, one could quickly pique audience interest by highlighting aspects like innovative solutions, market demand, and projected growth. The overall intent is to provide convincing arguments that capture the viability and potential of the business idea to stakeholders. This includes addressing the 5 W's (Who, What, Where, When, Why) related to the business goals to create a specific and achievable plan.