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Business people write b-plans and then believe them even though in most cases the numbers are subject to a certain amount of 'softness' (guesses, estimates, etc.) that are used to prove the viability of the plan. If a b-plan is being used to get a loan or venture capital, there are often thresholds to even be considered, such as being a billion-dollar corp in 5 years (dot com bubble type startups). So guess what, the b-plan shows how that can happen. Once the funding is obtained, no one ever looks at it again.
Ask most startups if they have even looked at their b-plan after launching the business. It can be humorous to look at the 5 year forecast 5 years after launching the company or opening the store. If it is still there.
So the B-school answer is that you really need one to focus and manage your business. Maybe. You certainly need one to get funding from strangers, but after you get funded the usually goes into a file somewhere and life moves on.
Downside: They can take a lot of resources to craft, and in the end may not be that useful. Especially after paying for writers, consultants or others that may be helping with it.
They can also give one a false sense of confidence, as the entrepeneur often believes their own prose. That can make it hard to see the situation realistically.
What else can I help you with?
What are the disadvantages of writing a business plan?
The disadvantages of writing a business plan is that it may skip some integral issues. A business plan is in theory which might be far from the reality or practical application.
Disadvantages of not having a business plan?
One of the reasons why companies create or update their business plans annually is because they're going to find out about their strengths, weaknesses, opportunities and threats (SWOT). Without knowing those things, companies will possibly have nowhere to go. A business plan is a foundation of a company; without it, companies may fall. How would one even start a company without a business plan, right?
What is a macro business plan?
macro business plan
Advantages and disadvantages of operational issues for online business?
The advantages and disadvantages of Aalaamal business across the internet
What is the further action for a feasibility plan?
If the plan is to continue with the business proposal then proceed to write a business plan
What are the disadvantages of a business plan?
The disadvantages of writing a business plan is that it may skip some integral issues. A business plan is in theory which might be far from the reality or practical application.
What are the disadvantages of writing a business plan?
The disadvantages of writing a business plan is that it may skip some integral issues. A business plan is in theory which might be far from the reality or practical application.
Disadvantages of using the internet to compile a business plan?
thevidiya......
Advantages and disadvantages of business networking?
disadvantages of networking
How do you transfer a business plan to an action plan?
How to transfer business plan to an action plan
Can you provide a simple comparison of a business plan vs a business model?
A business plan is an extensive plan the seeks funding; a business model is an operational business that functions in a cycle. Retailing is a business model. A plan for a new retail store is a business plan.
Disadvantages of not having a business plan?
One of the reasons why companies create or update their business plans annually is because they're going to find out about their strengths, weaknesses, opportunities and threats (SWOT). Without knowing those things, companies will possibly have nowhere to go. A business plan is a foundation of a company; without it, companies may fall. How would one even start a company without a business plan, right?
What is a macro business plan?
macro business plan
Advantages and disadvantages of operational issues for online business?
The advantages and disadvantages of Aalaamal business across the internet
What are the disadvantages ofnot having a business plan?
Not having a business plan can lead to a lack of direction and focus, making it difficult to set and achieve clear goals. It may also hinder the ability to secure funding, as investors typically require a detailed plan to assess the viability of a business. Additionally, without a plan, businesses are more prone to mismanaging resources and responding poorly to market changes, which can ultimately jeopardize long-term success.
What are the elements of a business plan?
set goals for the business marketing scheme purchasing plan legal set of the business.....these are the elements of a business plan
What are the names of some business plan software?
There are a lot of software programs that focus on business plans. A small list of these are: Business Plan Maker Professional, Excel Business Planner, Palo Alto Business Plan Pro, and Live Plan Business Plan Software.
