Business Plan or Not? – Definately a Plan
The Accelerators section of the Wall Street Journal proposed the question: Do new businesses or new business segments need a business plan? The experts weighed in on both sides of the argument. Many simply said no: Too tedious, no one reads it, and the business ends up going in a different direction, anyway. I get that, but if you read into the content of their arguments against a classic business plan, they also state they get some sort of proposal/presentation when they evaluate opportunities. So, perhaps the details have changed, but the concept remains the same. In order to be prepared, you need to plan. If you don’t know your market size, your customer needs and some sort of idea of what they are willing to pay, your business model and some idea of your operating infrastructure, no inside or external investor will be impressed enough to put money in your concept.