Why Make A Business Plan Essay - 1270 Words

Why Make a Business Plan? Maybe you are thinking why do I need to use this workbook to evaluate my idea? Or bother with a template or even waste time doing a bunch of boring research? Many of the greatest businesses of all time never had a formal business plan, so why do I need one? Like most people you might just be just looking for the quickest way to open your business. The idea of researching and then creating a formal plan seems like a long and boring process. Several prominent authors and respected business people have said making a business plan is a waste of time. Some of these titans of industry often use one or two stellar businesses which never bothered to write a plan as evidence to reinforce this spurious claim. Yet none of them ever speak of, or know about, the great ideas that failed due to poor planning. Critics may also champion the idea of how the team you have in place is much more important than the plan you have. The same business plan skeptics might also say how you can’t plan for unforeseen events, and then state how these kinds of events will entirely change your business plan, thus making it irrelevant. The impatient entrepreneur might not want to waste time and fear that someone may â€Å"beat them to the punch† and steal their market share while they wallow away researching a potential concept. These are all valid reasons to skip the process entirely, and certainly everyone has the right to their opinion. Allegedly, Benjamin Franklin onceShow MoreRelatedDesigning A Perfectly Executed Business Plan932 Words   |  4 Pagesyour business plan as that essential stage prior to taking your first step. A perfectly executed business plan provides your business a solid foundation and without it you’re likely to fall flat on your face. That’s the bad news. The good news, the BEST news is that once you have created it, it becomes an invaluable guide to every aspect of your business. While it’s true that trying to secure funding thr ough traditional loans, grants, private placement offerings, or venture capitalists makes havingRead MoreDisaster Recovery Plan It 244 Week 3 Essay677 Words   |  3 PagesDisaster Recovery Plan Paper Fernando Hernandez IT244/Axia College Introduction In this assignment, I will go over the different items related to the disaster recovery plan. I will go over the purpose of the plan, explain the key elements that go into a plan, the methods of testing the plan, and why we test the plan. All while explaining why the disaster recovery plan is so critical to businesses in the event of an emergency. What is the purpose of a Disaster Recovery Plan? The purposeRead MoreExecutive Summary Essay1654 Words   |  7 PagesThe executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. It summarizes the highlights of the completed business plan and provides a brief snapshot of the plan, with sales, spending, and profit summary figures. The summary emphasizes those factors that will make the business a success. It must contain sound numbers for market size, trends, company goals, spending, return on investment, capital expenditures, and fundingRead MoreWhile Your Healthcare Practice Needs a Marketing Plan Essay1135 Words   |  5 PagesWhy Your Healthcare Practice Needs a Marketing Plan Angela Bostick-Dixon Ashford University Strategic Planning amp; Marketing in Health Care MHA 626 Cynthia Davis November 27, 2011 Why Your Healthcare Practice Needs a Marketing Plan The business plan of any organization can only occur after a successful strategic plan is form and securely in place. The strategic plan in any corporation, organization, and small business ventures has a vision on where this organization needs to be in theRead MoreWhy Do Healthcare Practices Need a Marketing Plan?793 Words   |  3 Pagesthe coming year is known as a marketing plan. A marketing plan includes a statement of the marketing situation, a discussion of target markets and company positioning and a description of the marketing mix intended for use in reaching marketing goals (entrepreneur.com, 2012). A second definition of a marketing plan is as follows: a plan that describes the activities involved in achieving certain marketing objectives within a given timeframe. A market plan starts off with the identification of specificRead MoreDeveloping a Strong Marketing Plan for an Exotic Pet Shop825 Words   |  3 Pagesimportant part of any business plan and when you conduct marketing is just as crucial. (Lesonsky, 2013) While it is important to keep your marketing plan fresh and new it can be detrimental to use an â€Å"on the fly† type approach because it is hard to judge whether your plan is reaching your organizational goals. (Lesonsky, 2013) This is why the â€Å"when† of our marketing plan has to be properly thought out and well developed. Timing is very important to the success of a business so deciding when toRead MoreBusiness Writing : What Is A Waste Of Time?932 Words   |  4 PagesWriting 20 pages of meticulous plans about your startup is not going to make you money. You won’t get an investor to invest in your business because you had written a book about what you are planning to do. What gets you money? Actually putting your ideas to the test – showing results in real life not on paper. Starting a business is time-consuming and it’s hard. Don’t make it worse by spending a days in front of your computer creating a lengthy business plan. Essentially, do not waste timeRead MoreI Discovered The Wonderful Website Of Verne Harnish848 Words   |  4 PagesHow to Get Your Strategic Plan Business Plan on One Page By Darren Bourke Sep 16, 2008 Having written many Strategic/Business Plans for clients over the years, I was often amazed to see how quickly the plan was filed away to collect dust in business plan heaven despite the time, cost and effort in preparing them. In my constant search for the best resources, I discovered the wonderful website of Verne Harnish.. Verne is referred to as the Growth Guy and only coaches medium businesses in theRead MoreWhy Is Raising Capital Critical For Success Of A Business?1478 Words   |  6 PagesLesson 2.1 Which type of business takes resources from nature to make its products? Name several examples. Extractors are a type of business which takes resources from nature to makes its product. If they take resources from nature to make their products or for direct consumption, they are referred to as extractors. Examples include oil refineries, farmers and growers, coal and copper mines, lumber mills, natural gas extractors. Farmers are another example of extractors they cultivate land and useRead MoreWhy Is Strategy Important to Business786 Words   |  4 PagesIntroduction to Strategic Management Why is Strategy Important to Business Kaplan University Management Policy and Strategy MT 460 – 01 Unit 2 The question of why strategy is important to business is compelling to say the least. There are a number of reasons why strategy can and often does determine the success, growth or failure of a business. Without a strategy the business is responding to internal and external circumstances or demands without the advantage of a plan in place to address them.