If you make your business plan only in excitement then can break your business

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If you make your business plan only in
excitement then can break your business
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• Making you business in excitement can break
  your business dont be over excited while
  writing your business plan many time while
  you are not clear what you want from your
  business plan and you end up writing plan
  which is not going to benefit your business
  rather it will break your business below are
  some points. (BBGV211220)
•  It is common for many entrepreneurs, due to
  excitement, to make mistakes when developing and
  writing a business plan and then fail to
  understand why potential investors reject their
  plans.
• The truth is that a badly done business plan can
  be as harmful as the total absence of planning.
  It can lead to erroneous budgets that, in the
  long run, will pay dearly and can also undermine
  the credibility of the entrepreneur in the eyes
  of investors interested in funding the project.
• Therefore, here we will show you the most common
  mistakes that you should avoid at all costs
• Underestimate the competition That is, do not
  investigate it or analyze it in depth. You may
  think that your product will be attractive and
  innovative, and that you will easily circumvent
  future competition, but you must remember that as
  soon as your product begins to be successful and
  known, the competition will hear about it and
  will not be left with their arms. Crusaders.
• It is then that the research and analysis that
  you have previously carried out on the
  competition will help you design Marketing
  strategies that allow you to face their attacks.
• Ignore cultural factors Many times, it happens
  that the entrepreneur, happy with his "ingenious"
  business idea, forgets to consider cultural
  factors. Remember that it is very important that
  you consider whether the socio-cultural factors
  of the target market may represent some type of
  potential risk with respect to our sales
  expectations.

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• Confusing a business plan with a budget Many
  entrepreneurs tend to mistakenly think that a
  business plan equals a budget. Budgeting
  (especially budgets for future income and
  expenses) is a fundamental part of developing a
  business plan. However, a business plan involves
  much more than that. You must analyze objectives,
  design strategies, coordinate resources and
  analyze the industry, among other things.
• Too optimistic in the projections It is logical
  that the creation of a new project excites you
  and provokes optimistic feelings, but it is
  necessary that when preparing the business
  projections, you be as sensible and realistic as
  possible. Don't exaggerate when estimating future
  income or sales, and don't underestimate future
  expenses or costs.
• Forget the risks No matter how complete your
  business plan is, there will always be the risk
  that things will not happen as you have planned.
  So when developing the plan, you should always
  try to anticipate the possible details and be
  prepared to face those difficulties.
• Highlight a great deal A company may have signed
  an agreement with a larger organization, but
  overemphasis in that agreement may be perceived
  as weakness. If 80 of your income comes from a
  contract, your company can have a very bad time
  if the agreement falls apart. Emphasize that your
  company is prone to forging strategic alliances
  and / or winning large contracts and that you
  will use this ability to diversify your customer
  base.

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• Do not put it to the test There are many
  entrepreneurs who, confident in the correct
  development of their plan, rush to show it to
  their potential investors. Here the error is in
  the lack of a final proof. Ideally, once the
  business plan is completed, you present it to a
  group of suitable and trustworthy people, so that
  they can make observations and comments that will
  surely constitute a very useful contribution.
• Dont get excited while writing your business
  plan if you want output from your business
  plan so make sure that whatever your are
  writing should benefit your and dont land up
  with problem in excitement and follow the
  correct steps so as to make sure you get
  correct business plan which will help you and
  will not break your business.
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