Question: 1. Why is developing a financial plan so important to an entrepreneur about to launch a business? Fashioning a well-designed financial plan as a part

1. Why is developing a financial plan so important to an entrepreneur about to launch a business? Fashioning a well-designed financial plan as a part of a comprehensive business plan is one of the most important steps to launching a new business venture. Entrepreneurs who fail to develop workable strategies for earning a profit from the outset eventually suffer the ultimate business penalty: failure. In addition, potential lenders and investors demand a realistic financial plan before putting their money into a startup company. More important, a financial plan is a vital tool that helps entrepreneurs to manage their businesses more effectively, steering their way around the pitfalls that cause failures

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