Jeffery wants to start his own small business, however he needs to persuade lenders and/or investors to back his new venture with capital. What should he do as a preliminary step in beginning his new business?

The correct answer is: to start a business plan.

Explanation:

To begin with, if Jeffery is looking forward to start a new business and with that he needs to persuade lenders or investors then he must start a business plan with enough information and strategies that can show to those people the fact that the business has a solid background and more than that it will show also that Jeffery is a serious person and will compromise to pay all the lends he take. That is why, the preliminary step in beginning his new business will be to make a plan where he state all the information necessary to start.

answer; (consensus);

answer; comparing the additional benefits and costs;