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A project proposal, also known as a business or work proposal, outlines the approach to solving specific project requirements and constraints. It serves as the initial presentation to potential clients about how your team intends to tackle the project, highlighting your capabilities and why you are the best fit. Essentially, it should distinguish you from competitors. Practically, it is a written commitment detailing the execution plan upon winning the contract, balancing self-promotion with commitments to scope, timeline, and budget. Investing time in creating a proposal template is beneficial for quickly generating iterations as new requests come up.