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A well thought out plan will define goals for your business' future to ensure growth. "One common myth is that written business plans are only good to submit to bankers to obtain debt financing or to investors to raise capital." (Clark, 2004)
An entrepreneur needs to research various funding sources before starting their new business. A traditional resource for financing a new business is a bank loan however "only 50 percent of small businesses survive past their first year of operation (according to the Small Business Administration) so banks are notoriously reluctant to lend money for startups...
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