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Traditionally, startup businesses draft a business plan for three specific reasons: to articulate their vision for the business, to document how they plan to solve key challenges, and to pitch their business idea to potential investors.
Writing a good business plan, the Ernst and Young Business Plan Guide adds, can’t guarantee success, but it can go a long way toward reducing the odds of failure.
This is also according to multiplestreams.org, even if you aren't looking for investment, your entrepreneurial plans will fall flat quickly without a plan to guide them.
Even excellent business ideas can be totally useless if you cannot formulate, execute and implement a strategic plan to make your business idea work.
If you're looking to raise funds from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable.
You can also share the plan with others who can give you their opinions and advice.
Identify experts and professionals who are at a position to give you invaluable advice, and share your plan with them.
It can also help to convince customers, suppliers and potential employees to support you.
A business plan is a very important strategic tool for entrepreneurs.
Creating a business plan involves a lot of thought.
You need to consider what you want to do, and use that as a starting point. At its core, your plan should identify where you are now, where you want your business to go, and how you will get there.