Question

One of the first characteristics or points of a successful business plan is:

a.
demonstrate a clear, compelling vision that creates an air of excitement.
b.
the entrepreneur's background and role in the company.
c.
the key ingredient of the business that will attract million of customers.
d.
essential information about funding received so far.
e.
a profile of potential customers and market needs.

Answer 1

The first characteristic of a successful business plan is to display a clear, compelling vision that generates excitement, which is fundamental for founders to illustrate their dedication and to attract initial investors.

Step-by-step explanation:

One of the first characteristics of a successful business plan is the ability to demonstrate a clear, compelling vision that creates an air of excitement. This helps to convince investors and stakeholders of the firm's potential. Angel investors and venture capitalists seek to understand the feasibility and dedication behind a business plan, which is demonstrated early on when founders invest their own capital, showing their belief in the company's prospects. As the company grows and proves its strategy, a detailed business plan becomes crucial for attracting further financial capital from outside investors like bondholders and shareholders who rely on more widely available information regarding the company's operations and financial health.