10. Failing to update your plan
Yes, it can take a couple of years to get your idea off the ground, but that doesn’t mean that you should rely on the same business plan year after year. Re-visit the plan every 6 months or so and update your financial predictions and competition sections. In addition, carry out new market research. Consumer tastes change, and you don’t want to launch into a market that is no longer interested in your product.
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