Getting honest feedback, while sometimes painful, is an essential first step in turning your business dream into a reality. After you have developed your core business idea, some market research is in order. In the research process, be sure to focus on more than the success stories. Partnerships will be valuable as you try and grow your business. During this process, you may learn things that will cause you to reshape or reconsider your original idea, which is important during the planning phase. Another vital step in launching a new business is developing a business plan. Business plans can be formal or informal, but they allow you to crystallize the core components of your business before launch. Business Model Generation is another excellent book that breaks down the nitty-gritty details of planning a profitable small business.
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