In the past month of doing our radio program called The 40 Year Old Business Virgin, we have met many different types of successful business owners. One theme that seems to be arising from the conversations with successful entrepreneurs is this notion of whether or not you need a business plan.
I think business plans certainly have a place and time especially if you are going to try to raise capital to grow your business. However, writing the next Atlas Shrugged for investors to look at will likely end up being a waste of time. You need to get a really strong 5 to 10 page executive summary in place so an investor or bank can really get down to understanding the high level of the what and how around your business plan. Most of them don’t want to read a 100 page business plan, and it all reality most of your plan will have very little relevance 6 months into the business.
For most small start up business, you’ll likely get quicker where you want to go by taking action with whatever your product or service is and then doing constant evaluation to figure out how to adjust your ship. You certainly want to have a vision of where you are headed, but I wouldn’t spend a ton of time running 10 years of pro forma calculations. You will likely learn from your mistakes which is what happens from most small business owners.
Check out the past The 40 Year Old Business Virgin Radio Show’s VIDEOS and AUDIO here!!!
Below is a neat article on this topic from the Wall Street Journal.
Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.
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