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Components of a Business Plan

Writing the business plan for the success of any new venture is critical. Business plans are key to helping you think through your business and keep you on track. If you write your business for attracting investors, you should make the plan as detailed as possible; because your potential investors might not be as familiar with your industry as you. So you have to clearly explain your concept.
If you’re just developing the plan for yourself, it doesn’t have to be as detailed, but you should outline your goals and the way you want to go to reach them. Your plan should include the following components:
1. Mission statement: explaining what you are trying to create
2. Description of your company and your product or service
3. Market analysis : describe the market you want to enter and your competitors

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