Don't think you are doomed to failure, if you neglect to craft the perfect business plan. Apparently, appearance and credibility is more important than a business plan, as reported by this research report:
"The researchers also found that whether or not an entrepreneur had created a business plan for their start-up venture had no bearing on the success of that venture. Newberg speculates that perhaps investing a lot of time creating the perfect business plan document takes time away from executing the ideas described in the document. He also suggests that entrepreneurs may become too attached to their initial conceptions or misconceptions once they are formalized by inclusion a business plan. Because things change so rapidly for an emerging venture, it is important to be flexible, Newberg explained.
**This post is for informational purposes only and does not constitute legal advice**
Be careful sighting this research study. While on the surface, the message of "just dive in an do it" is a good one, it disregards the fact that most entrepreneurs do go through a planning process, even if it doesn't end up producing a polished, formal document that is distributed externally.
Check out our post on this topic:
http://bplans.typepad.com/blog/2007/01/dont_skip_the_p.html
Posted by: Noah Parsons | February 28, 2007 at 03:56 PM