A business plan is dynamic because market realities constantly evolve. For example, restaurants adopted digital home delivery during pandemics. Entrepreneurs should alter plans when consumer habits change, new competitors arise or operational costs increase drastically.
Class 9 Social Science Part 2 book Solutions
Chapter 6 From Ideas to Startups (Social Science 2) Solutions
A business plan is dynamic rather than rigid; it guides initial operations while adapting to ground realities. For example, during the COVID-19 pandemic, dine-in restaurants successfully pivoted to cloud kitchens and app deliveries to survive. An entrepreneur should modify the business plan when consumer preferences change, disruptive competitors enter the market, government regulations shift or key financial assumptions prove unviable.
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