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Business planning process : As discussed above, a successful entrepreneur lays down a step by step plan that he/she follows while starting a new business. This business plans acts as a guiding tool to the entrepreneur and is dynamic in nature - and needs continuous review and updating so that the plan remains viable even in the changing business situations.

The reality is no matter how much you work with things in your head, no matter how confident you may be and how much you think you already have a great vision for your business, there are so many great reasons why you should get it down on paper.

A good business plan would document short-term and long-term goals of the business and establish specific tasks for achieving theses goals. Planning is the process that never ends for a business and is extremely important in the early stages of the business. However, business planning and is extremely important in the early stages of the business.

Don't Make Assumptions About Customers ; To be an entrepreneur does require plenty of self-confidence, sometimes almost a bloody-minded determination to make your business work. But this confidence spilling over into thinking that you know what 'the market' wants can be dangerous, without checking that it's true. You need to do your research that the market does ultimately want what you will be offering, whatever products or services you will be selling.

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