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An entrepreneur should write a business plan for which of the following reasons?


	To convince a lender that the biz is a good investment

	To figure out if there is a market for your product or service and how to reach it

	To get a handle on how much money you need to start and stay in business

	To list the things you have to do to start and run your biz

	To make a map of where you are going before you get lost or lose money

	None of the above

You’ve done the research. You’ve decided what your biz is going to be. Now it’s time to write a plan. The other sections of this site gave you a chance to get started on your business plan. Gather the materials you worked on if you read those sections. Your business plan should include:

Description of the business
Business mission statement
Market research
Marketing plan
Information about competitors
Types and number of staff
Money details
What will bring failure
What will bring success

This might seem like a lot of work, but it will be worth it in the end. Why? Because by writing a plan you will create a map for your business. You will know:

Exactly what you are trying to do
Why you are trying to do it
What to avoid and possible mistakes
Who to watch out for as competition
How to spend your money smartly

With a business plan in hand you’ll have a greater chance of success than if you didn’t write a plan.

You can learn more about writing a mission statement.