Author : Sunil Shah , Founder : http://adviceyogi.com/
Yes , you read it correct ! You must have a business plan for your start-up !! but Why ?
A start-up business plan serves numerous purposes.
It enables you to think through all aspects of your start-up. As an entrepreneur you generally focus mainly on the “big idea” but to be precise you focus less on its execution.
While a business plan makes you consider all the nuts and bolts aspects of your start-up like marketing , managing , team creation , financing , advertising and more to carefully think through every step of starting your enterprise so you can be ready for success.
Writing a business plan is a golden chance for you to discover any weaknesses in your business idea, anticipate potential problems , identify opportunities you may not have considered, and plan how you will deal with challenges that are likely to arise.
It gives your new start-up best chance of success.
Your business plan can explain the direction of your start-up , you can map the future.
Mostly , small start-ups deviate from their mission and vision. They change the objectives what they planned at the beginning. You business plan will help you stay focused . It will guide you where to put your efforts and energies . You will be able prioritise your work smoothly . It will stop you going direction less as your business progresses .
It is a known fact that most start-up entrepreneurs are ‘one man army’. An entrepreneur does everything by himself/herself , he/she manages everything with little management and at the same time, also makes financial decisions alone. In that situation, a business plan is important to balance and do everything in the right order.
A business plan will help you attract funding & investors for your start-up . A meticulously written business plan will get you good investments / angel investors for your start-up .
11 thoughts on “Budding entrepreneurs : You need to have a business plan”
It’s correct to have a business plan , which should also talk about future challenge’s and competition. What are various avenues and alternatives. The execution of plan will largely depend on market conditions and changes happening in and around.
Thanks for your response ! Your queries will be taken care of in my future blogs
Correct , without proper business plan startups will keep moving in the dark
Good Sir , I totally agree with you to have a good business plan but to stick on it is difficult task as things are not in your control practically when you are moving ahead . You must possess “junoon “ some luck and finally a good line of action to success.
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