Choose a challenge in starting a new business and how you may be able to address that challenge with a well-designed business plan. Challenge can be unique to either a start-up or on-going business or both.

4.What does the process of writing a business plan force an entrepreneur to do?

Gold Land Pvt. Ltd. is a wheat producing company. Daily 5000 bags of wheat weighing 10 kg each are produced here. In comparison to the previous year this ere has been less number of bags produced on a per day basis. The number is around 4500 which is less than the target of 5000 set by the company. The company however has been able to reduce the costs involved in comparison to last year's spending on the production and packaging of each bag. The quality of bags has also been up to the mark. Identify the concept of management ignored here.

Identify and illustrate four main differences between a business model and a business plan using examples from a real-life start-up.