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A business plan, acts as a guide on how one should run a particular business. It is safe to say that anything without a plan is reckless and bound to fail and something with a plan is manageable and headed for success. You don't need to be in business and halfway there, you experience a difficult situation that you did not anticipate and since you hadn't worked out a plan on 'pros and cons' you get so worked up and act on a stressed mind and chances of those of kinds of actions tend to lead you to failure. That is why you need a plan that structures out what to do when such problems occur.

Your business plan will also serve as the foundation for the legally required information you must present to investors, if/when/should you wish to enter the capital markets and raise investment capital.

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Q: What is the value of a business plan?
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