Why Should An Entrepreneur Develop A Business Plan?
By admin on Feb 28, 2010 with Comments 4
Have you ever had a ton of things to do, and knew that you had to do them, but didn’t know where to start? Have you ever had a ton of things to do, and then you sat down and wrote them all out, and then started doing them? Which way did you accomplish more?
That is the concept behind the business plan. You sit down and think about all of the things that are going to come your way in starting a business so you can really see if it’s going to work. By writing it down, you don’t forget anything and you can also expand on each idea. Also, you need to put the numbers into it. If you are going to have a product, then you need to have all of the costs involved so you know when your break even point is and how much you have to sell in order to make money.
Also, if you are going to get a loan to either start this business or expand it later on, then you need the business plan in order to get a loan from the bank. They don’t just give it to anyone.
Keep this in mind: 50% of businesses fail in the first year, of those that still exist 80% of them are not around 5 years later. That’s a pretty small margin, so you want to make sure that you have a plan before jumping into it. You can find ideas on how to write business plans online.
Good luck and happy planning!
Filed Under: Featured
You shouldn’t! They are a waste of time. I started my own company at the age of 17 with a dream no plans just the passion to succeed no matter what. The more negativity I got from family and friends the more it fueled me to succeed. I became a self made millionaire by the age of 25. I have owned and operated my own companies for over 33 years and not once did I ever have a business plan. You simply go out and “JUST DO IT”. Business plans are taught by inexperienced teachers in schools that have no clue how it works in the real world. I retired at the age of 50 due to a motorcross accident one of my sons was in that suffered permanent brain damage. I now devote my time to helping people start their own business.Read my profile if you wish, you might find it interesting.
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