(b) 'Preparing a good business plan can't guarantee success, but it can go a long way towards reducing the odds of failure.' Justify this statement by giving any two points.

Question

Accepted Answer

Two points that justify the statement: (i) The business plan helps determine the viability of the venture in a designated market, so the entrepreneur does not proceed with a venture that is unlikely to succeed. (ii) It provides guidance in organizing planning activities — identifying the resources required, obtaining licenses, and working out legal requirements — which reduces the odds of failure at the implementation stage.