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What are the most common mistakes made when writing a business plan?
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1. Not having a clear mission and vision statement – this is critical to help you stay focused on your goals and objectives.
2. Not including financial projections – it’s important to have an understanding of how much money you need, what sources will be used, and how long it will take to achieve your goals.
3. Not researching your competition – knowing who else is in the market can help you understand their strategies and determine if there is room for you.
4. Not addressing potential risks – identifying possible challenges that could affect your business can help you develop plans to address them.
5. Failing to create a marketing plan – without a plan for promoting your product or service, it’s hard to reach your target audience.