The MBET Experience

The University of Waterloo – Master of Business, Entrepreneurship and Technology Program

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Are Business Plans Necessary?

January 22nd, 2007 · 1 Comment

I found an interesting post on Guy Kawasaki’s website today, Is a Business Plan Necessary? He cites a study performed which “found no statistical difference in success between those businesses started with formal written plans and those without them…”.

This was interesting, because it is hammered into us that we need a business plan. A plan is necessary for raising money, but if you are bootstrapping, you may be able to get away without one.

I think it is important to note Guy’s closing comments: Do not think that analysis, planning, vision and communication are unnecessary!! These are still critical, but you do not need to spend months and months on “the perfect plan.

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