Comments on: Why Entrepreneurs Shouldn’t Write Business Plans http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/ I'm Kind of a Big Deal Sun, 01 Aug 2010 01:30:52 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: 10 Mistakes You’ll Make When Starting a Business « Angel Angel Angel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-70622 10 Mistakes You’ll Make When Starting a Business « Angel Angel Angel Thu, 29 Jul 2010 02:32:30 +0000 http://www.quicksprout.com/?p=1460#comment-70622 [...] Everyday, you should just be working on things that are going to help make the company more profitable. And that’s it! Don’t waste your time planning for the future. [...] [...] Everyday, you should just be working on things that are going to help make the company more profitable. And that’s it! Don’t waste your time planning for the future. [...]

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-70551 Neil Patel Wed, 28 Jul 2010 05:34:29 +0000 http://www.quicksprout.com/?p=1460#comment-70551 Lol, maybe it's best you keep thinking that way :) Lol, maybe it’s best you keep thinking that way :)

]]> By: çizgi film seyret http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-70428 çizgi film seyret Mon, 26 Jul 2010 23:58:20 +0000 http://www.quicksprout.com/?p=1460#comment-70428 I think we are just redesigning what a business plan is or maybe I really am not sure what a business plan is. ;) I think we are just redesigning what a business plan is or maybe I really am not sure what a business plan is. ;)

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69898 Neil Patel Sat, 17 Jul 2010 18:29:29 +0000 http://www.quicksprout.com/?p=1460#comment-69898 The problem is that people think that having one ensures success. People are only led to believe it because it's the "right thing" to do. That's not the case. The problem is that people think that having one ensures success. People are only led to believe it because it’s the “right thing” to do. That’s not the case.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69894 Neil Patel Sat, 17 Jul 2010 18:15:01 +0000 http://www.quicksprout.com/?p=1460#comment-69894 That's right... people buy from people who are like themselves. That comes down to your rapport building skills and sales skills. That’s right… people buy from people who are like themselves. That comes down to your rapport building skills and sales skills.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69893 Neil Patel Sat, 17 Jul 2010 18:13:21 +0000 http://www.quicksprout.com/?p=1460#comment-69893 lol, at the end of the day, that's what counts right. lol, at the end of the day, that’s what counts right.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69889 Neil Patel Sat, 17 Jul 2010 18:09:54 +0000 http://www.quicksprout.com/?p=1460#comment-69889 Yes.... it is guessing. It's better to take action and change accordingly. Yes…. it is guessing. It’s better to take action and change accordingly.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69888 Neil Patel Sat, 17 Jul 2010 18:09:19 +0000 http://www.quicksprout.com/?p=1460#comment-69888 The point is that as far as investors go, you can't expect them to help you just because you have one. The point is that as far as investors go, you can’t expect them to help you just because you have one.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69887 Neil Patel Sat, 17 Jul 2010 18:07:56 +0000 http://www.quicksprout.com/?p=1460#comment-69887 Nice, very great insight, thanks for providing that! I agree with you in the sense that you need to pull the trigger and take action and change accordingly. Nice, very great insight, thanks for providing that! I agree with you in the sense that you need to pull the trigger and take action and change accordingly.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69869 Neil Patel Sat, 17 Jul 2010 17:15:27 +0000 http://www.quicksprout.com/?p=1460#comment-69869 I agree... what you do ends up being far from what you originally wanted to do. Especially with things changing so quickly. I agree… what you do ends up being far from what you originally wanted to do. Especially with things changing so quickly.

]]> By: sh zakeer http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69841 sh zakeer Sat, 17 Jul 2010 05:20:52 +0000 http://www.quicksprout.com/?p=1460#comment-69841 Writing business plans is just predictions about an unseen future. Most of these plans end up in Junk. Thats the reason i scrapped business plans and started to get into real actions. Writing business plans is just predictions about an unseen future. Most of these plans end up in Junk. Thats the reason i scrapped business plans and started to get into real actions.

]]> By: Entrepreneurs Do Not Need a Business Plan http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69814 Entrepreneurs Do Not Need a Business Plan Fri, 16 Jul 2010 18:49:31 +0000 http://www.quicksprout.com/?p=1460#comment-69814 [...] are thinking about launching a business and are spending any time on a business plan…please read this post. And then, STOP working on that business [...] [...] are thinking about launching a business and are spending any time on a business plan…please read this post. And then, STOP working on that business [...]

]]> By: John Bardos - IdeaEconomy http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69812 John Bardos - IdeaEconomy Fri, 16 Jul 2010 16:44:04 +0000 http://www.quicksprout.com/?p=1460#comment-69812 I definitely agree. In my younger days, I must have written 40 or 50 different business plans for some good and many terrible ideas. The biggest problem with writing plans is that you are spending your time writing business plans and not building your business. I have seen so many people (including myself) spend hundreds of hours writing business plans and many hundreds more trying to raise money, while at the same time, doing almost nothing to build the business. Any online business requires so little capital to get started now that there is little reason to chase investment capital until you have gotten a few customers. Also, many people seem to mistake a business plan for business planning. It is important to have clear goals and an understanding of the market but you definitely don't need to follow the static plans of a document that is likely to be dated by the time you are finished. Of course, every business plan is full of completely made up financial projections. Saying that you are going to be a $1oo million company if you can only capture 0.1 percent of the market is a bunch of meaningless crap. Forget your business plan and go and get your first few customers. You might find yourself not needing that business plan in the first place. I definitely agree.

In my younger days, I must have written 40 or 50 different business plans for some good and many terrible ideas. The biggest problem with writing plans is that you are spending your time writing business plans and not building your business.

I have seen so many people (including myself) spend hundreds of hours writing business plans and many hundreds more trying to raise money, while at the same time, doing almost nothing to build the business.

Any online business requires so little capital to get started now that there is little reason to chase investment capital until you have gotten a few customers.

Also, many people seem to mistake a business plan for business planning. It is important to have clear goals and an understanding of the market but you definitely don’t need to follow the static plans of a document that is likely to be dated by the time you are finished.

Of course, every business plan is full of completely made up financial projections. Saying that you are going to be a $1oo million company if you can only capture 0.1 percent of the market is a bunch of meaningless crap.

Forget your business plan and go and get your first few customers. You might find yourself not needing that business plan in the first place.

]]> By: Gerald Poe http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69810 Gerald Poe Fri, 16 Jul 2010 16:34:49 +0000 http://www.quicksprout.com/?p=1460#comment-69810 My two cents: In the movie City Slickers - what was the ONE thing? You get what you focus on. - Tony Robbins Recently I read Built to Sell by John Warwillow. In it is discussed the business plan centered on key competencies that is the linchpin of the organization. Maybe more than one business, or business unit, is necessary to accomplish it all? Without the focus it may be scattered results and a tattered looking enterprise. Gerry My two cents:
In the movie City Slickers – what was the ONE thing?
You get what you focus on. – Tony Robbins
Recently I read Built to Sell by John Warwillow. In it is discussed the business plan centered on key competencies that is the linchpin of the organization. Maybe more than one business, or business unit, is necessary to accomplish it all? Without the focus it may be scattered results and a tattered looking enterprise.

Gerry

]]> By: James F http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69809 James F Fri, 16 Jul 2010 15:57:53 +0000 http://www.quicksprout.com/?p=1460#comment-69809 I am on your side all the way Neil, because I use to advocate not writing a plan. If you are doing any startup on the internet, it's not worth it. I wrote one for an e-commerce site I was running, it helps with organizing your thoughts about how your going to tackle certain situations, but after that quick thinking about that; I haven't looked nor touched that thing. Internet startups evolve and change too quickly for a biz plan to be effective. Because for the most part, writing a business plan is guessing. I am on your side all the way Neil, because I use to advocate not writing a plan. If you are doing any startup on the internet, it’s not worth it. I wrote one for an e-commerce site I was running, it helps with organizing your thoughts about how your going to tackle certain situations, but after that quick thinking about that; I haven’t looked nor touched that thing. Internet startups evolve and change too quickly for a biz plan to be effective.

Because for the most part, writing a business plan is guessing.

]]> By: Nora McDougall-Collins http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69804 Nora McDougall-Collins Fri, 16 Jul 2010 15:29:20 +0000 http://www.quicksprout.com/?p=1460#comment-69804 The one good thing about a business plan is that it gives a potential business owner a look at expenses. However, the rest of the "projections" are mostly illusionist tricks and the expenses side isn't always used or accurate. I once worked for an organization that wanted to create an advertising site. They created a business plan. They did not create a software plan. They did not understand the expenses in an e-commerce sit. They did not understand the time to turn a profit on an advertising site. They did not allow for time for testing the site. They did not research the willingness of their market to advertise online. They did not follow their own business plan and market the site. They did not allow for site maintenance, and expected the sales person to program. But, they had a business plan! Needless to say, they did not succeed ... The one good thing about a business plan is that it gives a potential business owner a look at expenses. However, the rest of the “projections” are mostly illusionist tricks and the expenses side isn’t always used or accurate. I once worked for an organization that wanted to create an advertising site. They created a business plan. They did not create a software plan. They did not understand the expenses in an e-commerce sit. They did not understand the time to turn a profit on an advertising site. They did not allow for time for testing the site. They did not research the willingness of their market to advertise online. They did not follow their own business plan and market the site. They did not allow for site maintenance, and expected the sales person to program.

But, they had a business plan! Needless to say, they did not succeed …

]]> By: Brian Kevin Johnston http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69801 Brian Kevin Johnston Fri, 16 Jul 2010 14:06:26 +0000 http://www.quicksprout.com/?p=1460#comment-69801 People buy from people they know, like, and trust, coupled with a REMARKABLE product or service... None of my clients have engaged with me, and asked for my business plan/s, all they want is value/results.... I liked this article... Entrepreneurs don't play well in the "sand box", they do things differntly than the "herd".... Best, Brian- People buy from people they know, like, and trust, coupled with a REMARKABLE product or service… None of my clients have engaged with me, and asked for my business plan/s, all they want is value/results…. I liked this article… Entrepreneurs don’t play well in the “sand box”, they do things differntly than the “herd”…. Best, Brian-

]]> By: Roger Toennis http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69797 Roger Toennis Fri, 16 Jul 2010 12:47:50 +0000 http://www.quicksprout.com/?p=1460#comment-69797 Neil, But isn't a business plan a plan for "how to build a business, make money and successfully manage it."? Business plans are not useful in and of themselves for raising money in the "Hey read my business plan and then give me money.". Instead they are the "exercise" you engage in before raising money to build confidence and depth of knowledge in your idea and your target market so that when you pitch your concept to investors you can answer all the questions. Think of it as going to the gym and lifting weights and doing cardio workouts so when you start that triathalon you are competitive. At the starting line and during the race no-one wants to look at the workout schedule you completed leading up to the race. However that workout plan is in fact your "business plan" for winning that race. Business plan writing is the workouts in the gym that get you in shape to compete. Everyone entrepreneur should write one, understand it deeply and then put it in a drawer and get to the starting line ready to compete. Roger Neil,

But isn’t a business plan a plan for “how to build a business, make money and successfully manage it.”?

Business plans are not useful in and of themselves for raising money in the “Hey read my business plan and then give me money.”.

Instead they are the “exercise” you engage in before raising money to build confidence and depth of knowledge in your idea and your target market so that when you pitch your concept to investors you can answer all the questions.

Think of it as going to the gym and lifting weights and doing cardio workouts so when you start that triathalon you are competitive. At the starting line and during the race no-one wants to look at the workout schedule you completed leading up to the race. However that workout plan is in fact your “business plan” for winning that race.

Business plan writing is the workouts in the gym that get you in shape to compete.

Everyone entrepreneur should write one, understand it deeply and then put it in a drawer and get to the starting line ready to compete.

Roger

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69418 Neil Patel Sat, 10 Jul 2010 16:47:21 +0000 http://www.quicksprout.com/?p=1460#comment-69418 Not solely the concept anymore. Not solely the concept anymore.

]]> By: Web Design LA http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-69319 Web Design LA Fri, 09 Jul 2010 10:48:19 +0000 http://www.quicksprout.com/?p=1460#comment-69319 I think Business plans are always necessary for getting glance or achieving BEP. This is when you can start seeing your actual profit. I think Business plans are always necessary for getting glance or achieving BEP. This is when you can start seeing your actual profit.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-68516 Neil Patel Fri, 25 Jun 2010 16:23:55 +0000 http://www.quicksprout.com/?p=1460#comment-68516 You need to learn to adapt and overcome. You need to learn to adapt and overcome.

]]> By: Acai http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-68412 Acai Wed, 23 Jun 2010 18:25:36 +0000 http://www.quicksprout.com/?p=1460#comment-68412 You are right that the business word has changed but don't forget that we are doing business in this changed world and we know what is changed and how to deal with these situations. You are right that the business word has changed but don’t forget that we are doing business in this changed world and we know what is changed and how to deal with these situations.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-68318 Neil Patel Mon, 21 Jun 2010 03:21:46 +0000 http://www.quicksprout.com/?p=1460#comment-68318 I never said doing it wouldn't make you money, I'm just saying that you can't rely on it to get you investors. I never said doing it wouldn’t make you money, I’m just saying that you can’t rely on it to get you investors.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-68268 Neil Patel Mon, 21 Jun 2010 02:46:05 +0000 http://www.quicksprout.com/?p=1460#comment-68268 That's the exact attitude you should have! Good job! That’s the exact attitude you should have! Good job!

]]> By: Bergquam Newberg Dentist http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-68215 Bergquam Newberg Dentist Sat, 19 Jun 2010 04:35:07 +0000 http://www.quicksprout.com/?p=1460#comment-68215 I created a business plan and it made all of the difference in the world! Before I ran around from task to task without a plan. Wasted so much time. Now I plan my work and work my plan. I created a business plan and it made all of the difference in the world! Before I ran around from task to task without a plan. Wasted so much time. Now I plan my work and work my plan.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-68099 Neil Patel Tue, 15 Jun 2010 04:04:29 +0000 http://www.quicksprout.com/?p=1460#comment-68099 I agree a plan will give you direction, a business however won't guarantee you funding. I agree a plan will give you direction, a business however won’t guarantee you funding.

]]> By: ProbusinessGuy http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-68076 ProbusinessGuy Mon, 14 Jun 2010 19:16:22 +0000 http://www.quicksprout.com/?p=1460#comment-68076 I never did a business plan for my internet marketing and im doing fine making a few hundred a week with no invest, no website, no nothing! So yes it can be done people. I never did a business plan for my internet marketing and im doing fine making a few hundred a week with no invest, no website, no nothing! So yes it can be done people.

]]> By: Watch Season http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-68004 Watch Season Thu, 10 Jun 2010 14:02:53 +0000 http://www.quicksprout.com/?p=1460#comment-68004 Some great points there however you do need a plan. It gives you a sense of direction. Does not have to be a business plan. Some great points there however you do need a plan. It gives you a sense of direction. Does not have to be a business plan.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-67971 Neil Patel Thu, 10 Jun 2010 02:09:22 +0000 http://www.quicksprout.com/?p=1460#comment-67971 Building a business take a lot of time energy and effort, obviously you were able to see that and have proven it to be a concept that's true. Building a business take a lot of time energy and effort, obviously you were able to see that and have proven it to be a concept that’s true.

]]> By: Neil Patel http://www.quicksprout.com/2009/12/15/why-you-shouldnt-write-a-business-plan/#comment-67967 Neil Patel Thu, 10 Jun 2010 02:06:15 +0000 http://www.quicksprout.com/?p=1460#comment-67967 Talk is cheap ;) So you're right! Talk is cheap ;) So you’re right!

]]>