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The Accidental Startup by Danielle Babb

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Chapter 5. Business Plans

Business plans aren’t the most exciting part of starting a business, and many business owners start a business and become quite successful without them. Planning isn’t a requirement, but it sure does help with your success rate and the chances of meeting your goals! Some estimates indicate that businesses that don’t have business planning fail as much as seven times more often than those that do.

So what do you need to prepare to write a business plan, and when should you do it? I generally recommend writing before you launch and revising as you go—your business plan is a living document that you will modify continually and check against your actual progress. You will find most of your revisions occur in the first year, ...

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