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A project proposal, also known as a business or work proposal, outlines the approach needed to execute a solution that satisfies specific project requirements and constraints. It may serve as the first introduction a prospective client has to your team, allowing you to demonstrate your qualifications and fit for the project. The proposal acts as a written commitment detailing what you plan to do if awarded the contract, balancing self-promotion with clear commitments to scope, timeline, and budget. Customizing a proposal template can facilitate quick adjustments for future requests. The video suggests following seven essential steps to create a successful proposal.