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Just because it is the status quo should never be a line in the vocabulary of a startup founder today.Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment.Don’t do it unless you know why and what you are trying to achieve with it.
The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.
In addition, the business plan is an indispensable tool to attract business capital.
Every entrepreneur and startup company needs a plan.
Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand.
Yet, the point is that most aspiring business owners aren’t even trying to match up their goals with what they think they are supposed to be doing.
You should have a plan in order to get yourself organized, to ensure you have some type of viable commercial potential, you have focus and hopefully aren’t going to run out of money or starve before you get going.
If that’s all you need, and you don’t plan to raise money, apply for loans and don’t intend on bringing in partners, then you certainly don’t need a 25lb manuscript. In fact, Brian Chesky (found of Airbnb) is famous for his one-page business plan for global domination.
If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.
If you want to get funded by David Mc Clure, then he says he wants to see “a functional product that people are using.
We look for functional prototypes and customer development and most importantly, scalability.