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The idea behind putting together a business plan is to enable owners to have a more defined picture of potential costs and drawbacks to certain business decisions and to help them modify their structures accordingly before implementing these ideas. It also allows owners to project what type of financing is required to get their businesses up and running.
If there are any especially interesting aspects of the business, they should be highlighted and used to attract financing. For example, Tesla Motors' electric car business essentially began only as a business plan.
A business plan is not meant to be a static document. As the business grows and evolves, so too should the business plan. An annual review of the plan allows an entrepreneur to update it when taking markets into consideration. It also provides an opportunity to look back and see what has been achieved and what has not. Think of it as a living document that grows and evolves with your business
Tutors thoughts on how a SWOT analysis can be used by an entrepreneur either at the pre-start-up stage or within the actual start-up of the company.
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