QUESTION $4$

$(20$ Marks$)$

Sarah is an entrepreneur who has decided to start a new online store that sells handmade jewellery. She needs to develop a business plan to explore the feasibility of her new business idea and to secure financing. Using Sarah's scenario as an example, discuss the importance of a business plan for entrepreneurs. In your answer, provide FOUR $(4)$ reasons why entrepreneurs need to develop a business plan and explain $($with examples$)$ how each reason can help an entrepreneur succeed in starting a new business.