Mary is starting a business selling computer hardware. She has just created a prototype using her own personal funds and now she is ready to test it. She is considering to write a business plan or develop a business model for her new venture, but she is not sure whether it is worth spending time on that. What are some of the differences between a business plan and a business model? Would you recommend Mary to write a business plan, develop a business model, or do both?

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A business model is a mechanism by which a company generates its profits ... View the full answer