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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1 The MBET Experience » Blog Archive » Entre-Nous - Joseph Fung // Feb 8, 2007 at 4:47 pm
[…] This relates back to an article I wrote a couple weeks ago, questioning whether business plans are really necessary. In classes, the process to starting a business that is most discussed goes something like this: […]