Business Plan: Is it needed?
StartUps change a lot and they change fast. They rarely look like how they started as they adapt in the business jungle. So is there a point to writing a business plan?
VC Sean Wise offers five reasons to write a business plan:
- Creates a common starting point.
- Sets the goals and shares your vision.
- Sets the path and identifies required resources.
- Forces analysis.
- Creates confidence.
In short, the answer is that the business plan itself is not that useful. But the process of writing it helps you think about all the things that can go wrong and plan accordingly. Its a good starting point but don’t stop yourself from changing it radically as you go.
How to Start:
A previous post discusses the process of writing a business plan. I found a couple of good ones since then.
Bill Reichert , another VC has a nice article on the how-tos of writing a business plan.
John Newton has another good one.
Start today and fill the blanks.