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Five Steps to An Effective Business Plan
By Vishal P. Rao
You have an idea for a business. You know what you want to sell, who you can sell it to, and how much you stand to earn from it. There's just one more thing you need: a business plan.
Many people dread the idea of preparing a business plan. They think of them as complicated, unnecessary documents that exist only to make it more difficult for them to get started as an entrepreneur. They are wrong.
Business plans are necessary because they help you "see" your business. Instead of just talking in abstract ways about your "customer base" and your "profit potential," it lets you put those things in writing and in concrete terms. It forces you to think through every aspect of your bus...
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