When Should You Write A Business Plan

When Should You Write A Business Plan-23
After you fully understand the why, then you need to define 'what' you are going to do and 'how' you're going to do it.

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Nobody in their right mind will tell you that a business plan is a bad idea.

The process of planning helps entrepreneurs sort through the various issues of their businesses and develop a set or organized steps toward achieving a goal.

Businesses experiment through trial and error, so a business plan might just be an impediment to success. Industries and companies which need particularly long setup times -- particularly those needing significant technology or capital to really launch -- might face changing market conditions in the meantime.

Good organization and a detailed business plan might be the enemy to a business which requires significant development time. 1, 2010 article in "Business Insider" magazine provides an example of how satellite technology pioneer Iridium filed for bankruptcy only nine months after it launched a state-of-the-art satellite technology it spent years developing.

The same survey also showed that a majority of small businesses started from the owners' personal savings.

According to Inc., a lot of successful small business entrepreneurs figure it out as they go along.

Creative people with some patience and risk tolerance might find themselves with a freer, stronger hand without a business plan.

People who invent new technologies and concepts sometimes don't fully understand their business applications at first.

The mission is the "why" you're doing what you do.

"The first sentence of the mission statement should be why you're in business.

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