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Many successful businesses today would not withstand academic scrutiny. There are so many holes in the plan without the 20/20 hindsight.I can imagine what would have been the comments — didn’t we do this in the 80’s as “jolt cola” or “entrenched drink competitors will crush you if it ever becomes popular.” I think a plan is good, but serendipity and opening the business up for opportunities can be even better. Red Bull’s initial aim was a drink for long-haul truck drivers.You don’t have to be making money, but they want to see something more than just a piece of paper.
Things change, so why would you waste your time writing a document that won’t be up-to-date.
Or if you want to take it to the next level, why would you start writing a plan that will never be complete?
Small business owners can benefit from simple, easy-to-follow business plan tools so they spend less time writing and more time launching.
Here are nine resources to help you craft a professional business plan quickly and easily.
Regardless of what measure of performance academics have looked at, research shows that writing a business plan has a positive impact. I have started a fair number of companies and have never written a business plan.
Now, you could say that is the reason why a lot of my businesses failed, but I could make the argument that financially I’ve still come ahead.
The biggest reason why I have never written a business plan is that it takes me away from the business. Spending weeks on something that has no proof of impacting the success of my company is a waste of time.
If you have somewhat of an understanding of what you are going to do and where you plan on taking your business, you should spend all of your time acting on it.
There is no written document that can help you with any of this. As I mentioned above, writing a plan isn’t going to help you get capital.
And if you are looking to gain experience, you are better off spending time working on your business rather than writing a plan.