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Another mistake that many entrepreneurs make is that they don't have good business plans. A business plan must include the following: business summary, competitor and market analysis, business model and operations plan, marketing and financial plan, and product and service offerings.
A business plan will give you an understanding of the industry and competition. It solidifies your business model before offering any products to customers and shows possible revenue streams so you can plan ahead
MORE IDEAS FROM THE SAME ARTICLE
The data on the survival rate of businesses showed that 22% of small businesses fail within the first year, 32% for the first two years, and 40% for the first three years of business.
Small businesses lack the ability to understand their customers because they are often not prepared to meet the marketing demands of their company.
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