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Perfect Business Plan Assignment Pages: 12 Pages Format: APA Formal Due Date: December 16. 2022 A great business plan can help you clarify your strategy. identify potential roadblocks, decide what you'll need in the way of resources, and evaluate the viability of your idea or your growth plans before you start a business. Not every successful business launch with a formal business plan, but many founders find value in taking time to step back, research their idea and the market they're looking to enter, and understand the scope and the strategy behind their tactics. That's where writing a business plan comes in. A business, as well as the amount of time, money, and resources you'll need to get started. Evaluating ideas If you've got multiple ideas in mind, a rough business plan for each can help you focus your time and energy on the ones with the highest chance of success. Research To write a business plan, you'll need to research your ideal customer and your competitors- information that will help you make more strategic decision. Recruiting Your business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you're in the early stages of growth. Partnerships If you plan to approach other companies to collaborate, having a clear overview of your vision, your audience, and your business strategy will make it much easier for them to identify whether your business is a good fit for theirs-especially if they're further along than you in their growth trajectory. Competitions There are many business plan competitions offering prizes such as mentorships, grants, or investment capital. To find relevant competitions in your industry and area, try Googling "business plan competition + [your location]" and "business plan competition + [your industry]"