5 Biggest Mistakes New Business Owners Make

1. Not Making a Business Plan

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A business plan entails all the necessary information about a business for each of the business functions. The business plan is usually required by investors and banks to acquire funding and loans. Not making a business plan can have serious financial consequences for a small business. Additionally, a business plan is crucial for the internal matters of the business. A business plan also includes information on the value proposition of the business and builds on the business model canvas. Not caring for these elements may lead to businesses introducing products that offer no additional value to customers. 

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