Have you ever wondered why some businesses succeed dramatically, while others seem to fall flat? Why do we hear one person referred to as a “good” businessperson, while another might be considered a “lousy” businessperson?

There are several reasons and differences. One of the most important is that the majority of successful business owners formulate a solid business plan before launching the business. A well-written business plan is the entrepreneur’s roadmap for starting and operating the venture. Taking time to develop a step-by-step plan of action is often is the greatest factor in determining whether a new business makes money or goes bankrupt.

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