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Core concept in a business plan

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This article is part of a series on how to write a great business plan. Some entrepreneurs succeed without a business plan. Will a business plan make success inevitable? Absolutely not. Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success.
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Sample Business Plan

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Business Plan Outline - 23 Point Checklist For Success

You may think this is normal for a first time entrepreneurial adventure. But what if I told you that Carl has started many companies in his year tenure as an entrepreneur? And with all the companies Carl started, none of them have ever exceeded revenues of a million dollars. Many of them failed and Carl was forced to shut them down within the first year of business. What it means is Carl did not understand the purpose and the value in creating a business plan. And unfortunately this is pretty typical of many entrepreneurs.
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How to write a business plan: Free template, tips, and examples

This philosophy is particularly relevant when it comes to thinking about your business plan. In business, it is the continuous planning process that matters. Your business plan, like your business, is a living, evolving, flexible thing. It requires rapid changes and fact-based decision making. I like the body metaphor implied by the term.
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A key component of your business plan is your business concept and value proposition , which is the clear articulation of why customers should choose your solution over that of your competitors. This section enables you, as well as interested parties and potential investors, to research and analyze the concept for feasibility, both from a market and financial perspective. Keep in mind that everything in your business plan must relate back to the value and benefits your product or service provides to your target customers. Think of a feasibility test as a reality check for your business idea. The goal of conducting a feasibility test is to prove to yourself and your team or investors the probability of your product or service being successful within your industry.
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