1. The document discusses preparing a business plan, outlining key points to include such as the purpose of the business, products/services, target market, and marketing strategy. It emphasizes that the owner should write the plan and not solely rely on consultants.
2. Five important points in a business plan are understanding reasons for profit/risk, making the company attractive, protecting intellectual property, maintaining finances, and deciding strategy.
3. A business plan is necessary when starting or expanding a business to explain the outline, identify weaknesses/strengths, and seek financing from others. It should be updated regularly.