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Why business plan is important to the entrepreneurs

A business plan is not just a document. It is a holistic analysis of your company, the environment it operates in, and a route map to achieving success based on the resources available. Unfortunately, the image most of us have is of a page bound document. Business planning is an essential element of running any successful business, particularly given the growing uncertainty all businesses face coupled with ongoing changes in consumer behaviour.
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Importance of Business Plan To an Entrepreneur

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Why Business Plan Is Important To Every Entrepreneur | Wealth Coaching

If you are one of the new age of entrepreneurs who hates the thought of doing a business plan as a first step in starting your new venture, you will love this message. More and more professionals agree that a better strategy is to explore and fine tune your assumptions before declaring a specific plan with financial projections based only on your dream and passion. I just finished a new book on this approach, Beyond the Business Plan , by Simon Bridge and Cecilia Hegarty, which outlines tradeoffs and recommends ten principles for every new venture explorer. A new venture is a means, not an end. A new enterprise should be pursued primarily to help you achieve your goals , like providing a better life for others, satisfying a passion of yours, or enjoying the benefits of a technology you have invented.
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What is the Importance of a Business Plan?

While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results.
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Why write a business plan? If you wanted to build a house, you wouldn't walk over to an empty lot and just start nailing boards together. Yet, unlike a house, a business isn't static. We often make the mistake of thinking of a business plan as a single document that you just put together when you're first starting out and then set aside.

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