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Mastering Business Plans: Essentials and Pitfalls

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Brittany Burton
Founding Partner; StartupStage
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Four Key Benefits of Having a Business Plan:

  1. Chart a Direction for Your Business or Brand
  2. Establish and Achieve Key Milestones
  3. Assess Required Resources
  4. Outline Potential Income Sources

Common Pitfalls in Starting a Business:

The Three Observations of Early Business Failures:

  1. Lack of a Structured Framework: The initial excitement often leads to premature investments in equipment, software, and domain names without a solid foundation. Without a clear framework, stress levels can escalate, causing a loss of momentum as the business journey continues.Eventually, without a systematic approach to manage the business, enthusiasm wanes and initiatives may stall.

  2. Lack of a Defined Plan: Often results in extensive discussions and theoretical learning without a practical push necessary for tangible outcomes and experiential learning.

  3. Absence of Accountability: According to a study by the Association for Talent Development, the likelihood of achieving a goal increases significantly with specific steps:

  • Merely having an idea or goal: 10% likelihood of achievement
  • Making a personal decision to accomplish it: 25%
  • Setting a timeline for the task: 40%
  • Outlining a strategy for execution: 50%
  • Committing to another person that you will do it: 65%
  • Arranging a specific accountability meeting with a committed individual: 95%
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