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The startup’s Business Model is the first critical task to do.

A business model is a company’s plan for making a profit. It identifies the products or services the business will sell, the target market it has identified, and the expenses it anticipates.

A new business in development has to have a business model, if only in order to attract investment, help it recruit talent, and motivate management and staff. Established businesses have to revisit and update their business plans often or they’ll fail to anticipate trends and challenges ahead. Investors need to review and evaluate the business plans of companies that interest them.

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