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A project proposal, also known as a business or work proposal, outlines the approach to fulfill specific project requirements and constraints. It serves as an initial introduction to potential clients, showcasing your qualifications and differentiating your team from competitors. The proposal acts as a formal commitment detailing your planned execution if awarded the contract, emphasizing the need to balance self-promotion with clear commitments to project scope, timeline, and budget. Adapting a proposal template can streamline the creation of future proposals. The video presents seven essential elements that should be included in a project proposal.