3 Business Plan Don'ts

To strike gold with any new venture, you have to have a gold-medal winning business plan. The problem is that novices get ahead of themselves and fall into traps. Beginners to the game of entrepreneurship either let the excitement get the best of them, forget to take into account what they personally want, or are just plain stubborn. So for all of the newbie (and veteran) entrepreneurs out there, listen up; here are 3 business plan mistakes you don’t want to make:

1) Planning To Fail By Failing To Plan:

Effective planning means more than writing goals on a piece of paper. It means taking personal responsibility in preparing yourself emotionally and practically, so that you can be an awesome business owner. Unrealistic assumptions and poorly written plans communicate a lack of preparation to investors, which probably isn’t the best idea if you want to gain someone’s support, money, or respect.

2) Forgetting To Map Out An Exit Strategy:

Do you want a business or a job? Many novices quit their 9 to 5, and then create businesses that become their jobs, rather than provide the freedom and passive income they dreamed of. As a result of poor planning, many new businesses generate little to no cash flow, thus requiring the full-time effort of the owner. So if your dream is to have both personal and financial freedom, plan to build a business that can essentially run itself at some point, while also providing you with excessive cash flow; the best of both worlds. Recognize, though, that it often takes many years of blood, sweat and tears to get to that point.

3) Only Willing To Do Things Your Way:

​ A classic reason why beginners in entrepreneurship fail is because they don’t educate themselves on the basics for operating a business. More often than not, they also fail to surround themselves with a competent team of friends, employees, advisors and mentors. Another popular way to run your start-up straight into the ground is being a solo player, instead of a team player. Your team in business and in life will determine the success and happiness you have in your life. So ask yourself, who’s on your team? As you plan for your new business venture, you have two options: Make these mistakes and in the very near future say, “Rahim, you were right.” Or you can avoid these traps, be on your way on the road to success, and then you can instead tell me “thank you.”

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