Budding entrepreneurs : You need to have a business plan

Author : Sunil Shah , Founder : https://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.

Business Plan : A blue print for success

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.

Business Plan : You know what to do next !!

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 .

 Your  business plan gives your start-up a blueprint for its success.

6 thoughts on “Budding entrepreneurs : You need to have a business plan”

  1. 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.

  2. 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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