Answer:
Step-by-step explanation:
1. An entrepreneur should develop a business plan to outline their business goals, strategies, and financial projections. It serves as a roadmap, helping them clarify their vision, attract investors, secure financing, and guide their decision-making process.
2. To prepare for a formal presentation of a business plan to a venture capital forum, one should thoroughly rehearse the presentation, ensuring clear and concise communication of key points. It is essential to be well-prepared, present compelling market research, highlight the business's unique value proposition, and demonstrate a solid understanding of financial projections and potential return on investment.
3. A competitive advantage is a unique attribute or capability that sets a business apart from its competitors and allows it to outperform them in the market. It can be achieved through factors such as superior quality, cost efficiency, innovative products or services, strong customer relationships, or effective distribution channels.
4. This criticism suggests that entrepreneurs may spend excessive time and effort crafting a mission statement without effectively implementing it into their business operations. While a well-crafted mission statement can provide guidance and clarity, it is crucial to align actions and decisions with the stated mission to ensure its meaningful impact on the organization's day-to-day activities and overall strategic direction.