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The 10 Biggest Mistakes Made by Small Business OwnersTrying to Do It All.Not Being Forthright.Having No Clear Marketing Strategy.Cutting Prices.Having No 'Rallying Point'Setting Unrealistic Financial Goals.Being All Business, All the Time.Being a Weak Leader.More items...?Nov 2, 2011

1. Executive summary. This is the first page of your business plan. It should include a mission statement, which explains the main focus of your business, as well as a brief description of the products or services offered, basic information such as ownership structure, and a summary of your plans.

10 Common Business Plan MistakesUnrealistic Financial Projections.Not Defining the Target Audience.Over-Hype.Bad Research.No Focus on your Competition.Hiding Your Weaknesses.Not Knowing your Distribution Channels.Including Too Much Information.More items...

1. Typos and Bad Grammar. The first mistake to avoid in your business plan are typos and bad grammar. Consider the following statement/question a prominent venture capitalist once asked me: If this entrepreneur can't even put together a well-written business plan, then how could they possibly run a successful venture?

Business plans can fail because employees are not compensated in a way that aligns the goal of the employee with the goals of the company.For example, if an employee is paid with annual or monthly bonuses then the employee will only do what is good for the company in the short run.

The plan makes unfounded or unrealistic assumptions. The worst business plans bury assumptions throughout the plan so no one can tell where the assumptions end and the facts begin. Market size, acceptable pricing, customer purchasing behavior, time to commercialization--these all involve assumptions.

Business plan outlineExecutive summary. Write your executive summary last.Opportunity. In the opportunity section of your business plan, describe the problem that you solve for your customers and the solution that you are selling.Market analysis summary.Execution.Company and management summary.Financial plan.