Articles

The latest in Cleareye.ai news and industry updates.

Developing A Business Plan? 11 Common Mistakes New Entrepreneurs Make

FORBES Business Development Council Featuring Mariya George, President Cleareye.ai, Oct. 26, 2020 —

Research has shown that the businesses that survive the longest are those that have a solid business plan. New entrepreneurs hear this information, but it gets lost in a sea of contradicting tips and tricks. The result is that these entrepreneurs either fail to create a thorough business plan or try to make it do too much.

Many things set good business plans apart from bad ones. The one overarching idea is that the business plan should describe what the business does, how it does it and how it can keep on doing it at a larger scale. Below, 11 members of Forbes Business Development Council delve into the most common mistakes that new entrepreneurs fall prey to when developing their business plan and offer advice on what they should be doing instead.

Spending Too Much Time On Financial Planning

New entrepreneurs spend too much time on financial planning versus actual customer discovery. They get caught up in the total addressable market without focusing on how to get there. This results in taking wrong bets based on direction from the initial few customers versus the larger ecosystem. These assumptions then drive the business plan, and if the assumptions are not tracked explicitly, it results in a “faulty” business plan. – Mariya GeorgeCleareye.ai

Learn More

More Articles

When’s the last time you visited a bank? Financial transactions used to take place on premise. From deposits and withdrawals to thousands of other mundane and complex financial transactions the average person makes, it either happened in person or it…

Fraud and money laundering is an ongoing problem in the United States, and it is getting worse as the years go on. A report released by the US Government Accountability Office (GAO) suggests that tougher regulations in the financial sector…

2020 was a challenging year, and it wreaked havoc on the state of trade finance. The COVID pandemic, fraud scandals, and allegations were just part of what put the market in such dire straits. But 2021 is providing a new…

“If lenders don’t invest in robust technology solutions for managing the coming onslaught of loan applications, they risk, at best, falling behind other lenders and, at worst, mismanaging loans and applications when they do come in.” Much needed relief is…

Trading of goods in international market is complex and fraught with risks and uncertainties. Transactions are made between entities in distant countries and there is often a trust deficit between sellers and buyers. And this is why risk-mitigating trade finance products…

For the past few months, America has been waiting for a new COVID relief package. On Dec. 20, negotiators finally agreed upon a $900 billion package with $320 billion going towards the PPP (Paycheck Protection Program) for small business. The…

The current economic crisis along with restrictions related to pandemic has significantly impacted small businesses. The Paycheck Protection Program (PPP) is a loan designed to provide incentive for small businesses to retain workers on the payroll. Small Business Administration (SBA)…

Technology is evolving so quickly that anyone with the title Architect can feel overwhelmed when it comes to deciding what to choose and how long the choice is going to last. This isn’t going to change anytime soon, and here…

The pandemic has hit businesses hard. With so many in need of assistance, the federal government and SBA are offering low interest and forgivable loans to small business owners. The PPP (Paycheck Protection Program) is one of the most popular…

According to the world economic forum more than 25% of a company’s market share is directly linked to its reputation. Reputation matters to all organisations, but very few have a plan to address reputation risks. There is no industry standard…

In The News

The very latest in Cleareye.ai news.