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Business plans are often considered irrelevant for entrepreneurs, as they were originally designed in response to events like Black Monday and the Great Depression to assist large banks in lending to substantial cash flow businesses. A typical business plan assesses strengths, weaknesses, opportunities, and threats (SWOT), but these factors are inherently dynamic, especially for new businesses. Different entrepreneurs, even within the same industry, will encounter varying SWOT elements based on their business structure and size. Thus, the practical experience of entrepreneurs, especially those successfully funded, often outweighs the need for traditional business plans.
