3 vital truths about running a business you should know about

Management textbooks and the business press are full of advice about creating entrepreneurial business models, shaking up markets, and offering game-changing customer experiences.

As exciting as those opportunities are, there are some important and less glamorous truths about building a business that every entrepreneur should know from the outset. All too many of us learn them only through hard experience.

1. You will have a business plan, and life will have other plans

It is sensible to start out with a business plan that charts the expected course of your company for the first two or five years of its existence. Banks, corporate customers, and other stakeholders will want to see how you plan to generate revenues and grow.

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