ENTREPRENEURSHIP

Detailed explanation-1: -One of the biggest mistakes made in business plans are unrealistic financial projections. The assumption that a start-up business will immediately be profitable is often a naive mistake made by beginning entrepreneurs. Most start-up companies should anticipate being “in the red” for at least the first year of business.

Detailed explanation-2: -Typos, grammatical errors, and poor formatting are completely avoidable enemies, taking the shine off your first impression. Your business plan needs to look professional because it’s going to speak for you. Use spell-check. Re-read your plan.

Detailed explanation-3: -Some entrepreneurs fail to write business plans because they don’t want to test their ideas too much, for fear they won’t withstand the scrutiny. Taken seriously, a business plan will show that some businesses should not be started, a possibility some entrepreneurs don’t want to confront.

Detailed explanation-4: -Spending too much money. Thinking you have no direct competitors. Making hiring decisions based on cost. Not setting attainable goals. Not thinking about marketing. Having too small margins. Thinking you can do it all yourself. More items •02-Sept-2022