Why Should An Entrepreneur Develop A Business Plan

Why Should An Entrepreneur Develop A Business Plan-56
“Every entrepreneur should have a plan, and this is the tool to help you build it.

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“I could just plug in information without having to do any of the math. It made it very easy to get the business plan done.

Once the investor saw my business plan on Live Plan, he immediately got back to me and said, ‘I'm in.’” “Live Plan made an overwhelming task easy. Live Plan's web-based nature allows me to log in anywhere (for me it was with my Mac Book Pro or i Pad).

Entrepreneurs should go out and talk to industry experts, potential customers in their target market and other entrepreneurs to determine their business' viability, said Kara Bubb, principal consultant at Kara Bubb Product Consulting. The forethought put into the plan identifies the milestones by which you can mark your progress.

"Talk to some real potential future clients [and experts], and ask for some honest feedback," Bubb told Business News Daily. Who, specifically, are you targeting with your business? Editor's note: If you're looking for information to help you with business plan services, use the questionnaire below to have our sister site provide you with information from a variety of vendors for free.

I was going nuts trying to create charts and properly format them. The financials were so easy to use and I liked knowing the calculations were all correct.

It helped me create a precise plan to confidently share with investors, and I've raised M so far!

Having a plan to make a profit is important, but it's far from the only thing that matters when you start a business, experts say. encourage entrepreneurs to focus on what they are going to do," said Alan Williams, co-author of "The 31 Practices" (LID Publishing Inc., 2014).

"This overlooks two more important questions: 'why' – why it exists and why employees would want to get out of bed in the morning, and 'how' – the values of the business, what it stands for, how people representing the business will behave." Williams noted that entrepreneurs should take time to identify and articulate their business's core values and purpose, which will serve as your organization's compass for decision making at all levels.

At times writing a business plan can be a overwhelming task, especially when it comes to formatting and layout.

Live Plan has made it easy to focus on putting your business ideas and goals on paper instead of fussing with all the other pesky stuff.

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