Are business plans a waste of time?

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 ...

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