Which of the following strategies are recommended for small business owners to succeed over the long term? answer
a. develop a business plan and gain experience
b. make a friend at the bank and develop a business plan
c. develop a business plan, gain experience, educate yourself, and learn from others
d. borrow money and develop a plan

The correct answer is c. develop a business plan, gain experience, educate yourself, and learn from others

Explanation:

A business plan is a document that summarizes the operational and financial objectives of a company and contains detailed plans and budgets that show how the objectives will be achieved.

It is the road map for the success of your business. For anyone who starts a business, it is a vital first step.

If you have an idea to start a new company, a business plan is essential to determine if your business model is viable.

If initial financing is required, you must have a business plan prepared for investors that demonstrates how the proposed business will be profitable.

For example, the market analysis will reveal if there is sufficient demand for your product or service in your target market - if the market is already saturated, your business model will have to be changed (or discarded).

The competition analysis will examine the strengths and weaknesses of the competition and help steer your strategy to get a market share in your marketing plan.

For example, if the existing market is dominated by established competitors, you will have to develop a marketing plan to attract competing customers (lower prices, better service, etc.)

turnover

the amount of money taken by a business in a particular period.