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Management article
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Reference no. 85503
Published by: Harvard Business Publishing
Published in: "Harvard Business Review", 1985

Abstract

Entrepreneurs draw up business plans for new ventures to make marketing, pricing, financial, and other projections. More often than not, though, their estimates bear little relationship to reality. Planning for new enterprises differs fundamentally from planning for existing companies, given the inherent instability of start-ups. Entrepreneurs should summarize milestone events in a project''s plan in order to learn about the enterprise''s viability and make adjustments in strategy and goals as necessary. Examples of ten milestones a new product or service might experience are included.

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Abstract

Entrepreneurs draw up business plans for new ventures to make marketing, pricing, financial, and other projections. More often than not, though, their estimates bear little relationship to reality. Planning for new enterprises differs fundamentally from planning for existing companies, given the inherent instability of start-ups. Entrepreneurs should summarize milestone events in a project''s plan in order to learn about the enterprise''s viability and make adjustments in strategy and goals as necessary. Examples of ten milestones a new product or service might experience are included.

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