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Why do a business plan? - Coggle Diagram
Why do a business plan?
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Poor business plans: Many businesses fail due to a flawed business idea, or badly implemented plan
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Ideas: Businesses need to plan time to allow for new ideas to be developed. Ideas come from several places including
Lack of market knowledge: Surprisingly many businesses fail to understand their market and their competitors
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Risk Averse: Some businesses will seek to play things safe, satisfied with the way things are
Risk taker: Some businesses will take significant risks, hoping of gaining a large reward
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