"A business plan serves as a guide to determine the business objectives and the course of action. It helps to…

Question

"A business plan serves as a guide to determine the business objectives and the course of action. It helps to detail the "what, when, how and who" of doing every specific tasks." Describe this managerial function of entrepreneurs.

Accepted Answer

## Model Answer The managerial function described here is **Planning**. Planning involves setting business objectives and deciding the course of action to achieve them. An entrepreneur uses a business plan to determine **what** tasks need to be done, **when** and **how** they will be executed, and **who** will be responsible for each task. It acts as a roadmap for the business. ## Explanation The question describes the classic definition of the **planning function** of management. Examiners expect you to: 1. Correctly name the function — **Planning**. 2. Briefly explain it using the keywords from the question itself: objectives, course of action, what/when/how/who. Do not confuse this with organising (which deals with arranging resources). The business plan is the tool of planning. Stick to 2–3 sentences since it is a 2-mark question.

Financial Market Management — CBSE Class 10 board question