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Here is why I think you If you are trying to raise money, you’re probably considering writing a business plan, right?I hate to be the bearer of bad news, but I don’t know of anyone who has raised money by writing a business plan.
Essays Primary School - Business Plan For Entrepreneurs
Many are afraid in that doing so, they'll find their idea isn't so brilliant after all.Your business will constantly evolve and change, and if you want your business plan to stay up-to-date, you’ll constantly have to modify it.Once you start your company, you’ll soon realize that a lot of decisions will have to be made on the fly and that you will have to rely on your intuition. Small Business Administration, over 50% of small businesses fail in the first five years because of lack of capital and lack of entrepreneurial experience.Writing a plan will just slow you down on your way to success.For a moment, think about all of the things that have changed in the past year. Now, take a moment to think about all of the things that have changed in the past ten years.Many successful businesses today would not withstand academic scrutiny. There are so many holes in the plan without the 20/20 hindsight.I can imagine what would have been the comments — didn’t we do this in the 80’s as “jolt cola” or “entrenched drink competitors will crush you if it ever becomes popular.” I think a plan is good, but serendipity and opening the business up for opportunities can be even better. Red Bull’s initial aim was a drink for long-haul truck drivers.For those who take the time to research and write a plan, though, they often find that it helps them identify risks and possible roadblocks – and they can circumnavigate a detour that still lets reach their destination – a successful, thriving business.[Check out our best picks for business planning software] While writing a business plan can be frustrating (especially when you're writing one from scratch), there are plenty of online templates available to take some of the pain out of the process.Most of them did make a Power Point presentation, and a few even wrote executive summaries, but they didn’t write business plans.Remember, most investors don’t want to invest in a “plan.” They want to invest in a business that is up and running.