Discuss the necessity of short-term and long-term forecasting for developing the key elements of the business plan. Evaluate the importance of developing formal and informal networks when building new business opportunities and expanding into new markets.

Business Question

Write a 3–5 page paper in which you use this new knowledge and proven strategies to respond to the five statements below.

Discuss the necessity of short-term and long-term forecasting for developing the key elements of the business plan.

Evaluate the importance of developing formal and informal networks when building new business opportunities and expanding into new markets.

Discuss the importance of knowledge management in the digital age and identify two risks organizations must address to mitigate competitive pressures.

Consider the various components of a business plan and identify two components that you believe would be the most challenging for you as an aspiring entrepreneur.

Describe how technology could help overcome identified business plan challenges.

Locate and integrate at least two supporting sources from the Strayer Online Library or other reputable sources. http://research.strayer.edu/