What are some of the errors made in the preparation of a business plan that minimize an entrepreneur's chance for success?
What will be an ideal response?
ANSWER: Five pitfalls represent the most common errors made by entrepreneurs when preparing a business plan.
1. Lack of realistic goals. One way to avoid this pitfall is to set up a timetable with specific steps to be accomplished during a specific time period.
2. Failure to anticipate roadblocks. The best way to avoid this pitfall is to list the possible obstacles that may arise and the alternatives that state what might have been done to overcome the obstacles.
3. Entrepreneur's lack of commitment or dedication. One way to avoid this problem is for the entrepreneur to be ready to demonstrate a financial commitment to the venture.
4. A lack of demonstrated experience. In this situation, the entrepreneur should provide evidence of his or her background for this venture or at least the willingness to obtain assistance from those who possess the knowledge and skills needed.
5. Omission of a market niche. The best way to avoid this is to have a market segment specifically targeted, and to demonstrate why and how this product or service will meet the needs and desires of this target group.
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