Carrie Childs Business 205 1. What is the purpose of a business plan and why is it an essential first step for a start-up firm? A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides …showed first 75 words of 1683 total…

…showed last 75 words of 1683 total…can be implemented without conflict and emotional pain if all business heirs remain flexible and respectful of the parents' decisions. The References: http://www.sbaonline.sba.gov/starting_business/planning/basic.html http://www.sbaonline.sba.gov/starting_business/financing/findcapital.html http://www.entreworld.org/Content/EntreByline.cfm?ColumnID=413 http://www.quicken.com/cms/viewers/article/small_business/40200 http://www.quicken.com/small_business/finances/ http://www.pertinent.com/pertinfo/business/exercises/azrielaentq.html