Tuesday, 19 June 2012

No Magic with a formal Business plan

“Does a business plan really work for start-ups?”  I doubt. Most fresh starters see a good business plan as a key to success. Unfortunately, a study has shown that there is no relationship between a business plan and revenue. Meaning a good business plan does not necessarily guarantee a successful venture.
Most top American and European entrepreneurs never had a business plan at start-up but had a complete idea of societal need, the market, their target audiences, their product and a ‘compelling discipline’ to take action, and for me that is the best business plan. That is why I recommend these for fresh starters,
  1. Have a mental plan or an outline of your plans
  2. Take that step to find out who your audiences are, and what they need
  3. When you do, sell, sell, sell.
Action comes first; writing down every detail may never get you on your feet, take actions to keep your business desires burning. Does it mean the business plan concept’ should be discarded? No, but if you are serious with starting a business, you need ‘business planning’ more than you need a ‘business plan’. Writing a business plan before you start, can quench that burning desire, but you can start with a clear roadmap of what you want your business to be, and as you grow, you can have a written business plan.
What do you think about the relationship between business plan, and business success?

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