Leo is starting a company that leases shared workspaces, and he has approached SCORE, an SBA organization that assists small-business owners in setting up their companies. The SCORE counselors would probably advise Leo, as a new business owner, to .

The answer options to this question would be the following:

A) learn from experience, the best teacher, rather than a mentor.

B) avoid developing a business plan the first year of business.

C) get a new perspective by asking people who have failed.

D) try new things regardless of the risk.

E) write a business plan.

The correct answer is: E) write a business plan.

Explanation:

The business plan is a document that allows the entrepreneur to analyze the current situation of the market, sector and environment. The business plan collects such information and allows the entrepreneur to present his business to investors, accelerators, etc .; and explain how its startup and next steps.

The fundamental objective of writing a business plan is to serve as a road map for the present and a vision of the future. In addition, it can serve to attract investors to your business.

The steps that every business plan document should include for entrepreneurs to work in the same direction are the following:

1. Executive Summary

2. Product Description

3. Market and competition analysis

4. Business model

5. Description of the team and corporate issues

6. Status of business development

7. Marketing strategies

8. Contingency plan