Roughly 30 of my close friends have taken some sort of venture capital or private equity financing.
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.
We understand that writing a business plan can be a daunting experience.
You have a great idea, loads of experience in the industry, but you’ve never had to produce a document like this before…Don’t worry!
You don’t have to be making money, but they want to see something more than just a piece of paper.
If potential investors happen to request a business plan from you, ask them if they are actually going to take the time to read carefully through it. You can try to plan for the future, but your plan will never account for .
If you think having a business plan is going to increase your odds of success, it won’t.
There are no stats proving that writing a business plan is going to help you succeed. On a closing note, I would like to leave you with a few words from Steve Rappaport.
Your business will constantly evolve and change, and if you want your business plan to stay up-to-date, you’ll constantly have to modify it.
Once you start your company, you’ll soon realize that a lot of decisions will have to be made on the fly and that you will have to rely on your intuition. Small Business Administration, over 50% of small businesses fail in the first five years because of lack of capital and lack of entrepreneurial experience.