Is a Biz Plan Really Needed?
Guy Kawasaki contributes his opinion about whether a business plan is really necessary, in response to a recent study reported in the Wall Street Journal.
A study recently released by Babson College () analyzed 116 businesses started by alumni who graduated between 1985 and 2003. Comparing success measures such as annual revenue, employee numbers and net income, the study found no statistical difference in success between those businesses started with formal written plans and those without them...
All the same, you do need to think out your plan clearly, and writing it down will help you to clarify. When Denise and I work with entrepreneurs starting a business, an Internet marketing strategy, a blog or a newsletter, we ask two important questions:
- Who is your targeted prospect/client/reader?
- How will you make money (or, what is the purpose of your business, blog, or ezine)
At a minimum, you should be very clear and be able to articulate these answers easily.
