The Business Plan
One of the most important things you will do at the beginning of your business is develop a business plan. A few years ago, during the Internet bubble, many would-be entrepreneurs and their somewhat blinded investors joked that their business plans were written on the back of a napkin in some bar. There just wasn’t time to develop a thorough understanding of the business and strategy for executing the opportunity! Well, the joke was on them. After many business closures and significant losses of investor money, we have returned to the discipline and rigor of business due diligence and the business plan.
There are three main reasons for an entrepreneur to develop a business plan and continue to update it and expand it as the business evolves:
First, it is a planning tool. The business plan helps an entrepreneur plan out the business, define his/her need for resources, understand the marketplace and customer needs and evaluate the best strategies for accomplishing the plan objectives. Continue reading “The Business Plan” »