Business Plans

Often the first act of entrepreneurship is formalizing a business plan for a prospective company. Business plans, which serve as something of a roadmap for how a founder will turn an idea into a full-fledged business, typically include information like an executive summary, a market analysis and financial projections.

Business plans can be vital for entrepreneurs and business owners interested in lining up a bank loan or attracting other stakeholders such as investors. And though a plan may change over time, entrepreneurs and owners often say the process of mapping out how a company will operate and who its customers will be is invaluable.

Still, as the lean startup trend has taken root in recent years, debate has arisen over whether entrepreneurs actually need business plans. Many investors and others within the entrepreneurial community suggest that in a startup, time is of the essence. And since a business plan -- and often the business itself -- will surely change anyway and it might be of little use to put in the effort. According to some, it's better to simply go and do, and then based on an owner's progress, raise funding later, should that be necessary. 

Today's Most Read

News and Articles About Business Plans

4 Reasons Your Business Plan Might Need to Be Trashed
Business Plans

4 Reasons Your Business Plan Might Need to Be Trashed

While preparation is always good, no amount of charts can protect you from the realities of a 21st-century business world in permanent beta.
David Slayden
How to Write a Business Plan Banks Can't Resist
Business Plans

How to Write a Business Plan Banks Can't Resist

Here's what your business plan needs if you want startup capital from a bank.
Make Plans, But Remember That Success Comes to Those Who Execute
business Planning

Make Plans, But Remember That Success Comes to Those Who Execute

Seeking a European headquarters, the founder of a micro brewery is ultimately relying on his instincts. That's what most successful entrepreneurs do.
Gene Marks
5 Pieces of Bad Advice You Should Ignore If You Want Your App to Succeed
Apps

5 Pieces of Bad Advice You Should Ignore If You Want Your App to Succeed

Should you build a business plan or seek patent protection for your app?
Rahul Varshneya
Family Business: The Pros and Cons of Getting Funding From Loved Ones
Business Plans

Family Business: The Pros and Cons of Getting Funding From Loved Ones

If you're thinking about getting friends and family to loan you money to fund your business, read this first.
How to Create a Business Plan Investors Will Love
Business Plans

How to Create a Business Plan Investors Will Love

Here are some strategies you can use to create a strong business plan that will translate into funding.
The Entrepreneur's Simple Guide to Business Concepts
Business Plans

The Entrepreneur's Simple Guide to Business Concepts

Here are quick phrases to help clarify and solidify terms that many people get confused.
Jim Joseph
How to Find the Purpose of Your Business Plan
Business Plans

How to Find the Purpose of Your Business Plan

Deciding how you intend to use your business plan is an important part of preparing to write it.
Anytime Is a Great Time to Launch a Business -- If You Do This
Launching a Business

Anytime Is a Great Time to Launch a Business -- If You Do This

Consider these five steps so your company triumphs once out of the gates.
Jesse Torres
5 Tips on Planning Amid Rapid Change
Business Plans

5 Tips on Planning Amid Rapid Change

As the pace of business shifts quickens, forecasting can become even more vital.
Tim Berry
Delivered by
The 5 Elements of Success With an IPO and Beyond
IPO

The 5 Elements of Success With an IPO and Beyond

Taking your company public is about more than bringing in a lot of new funds. For one thing, it won't really be your company anymore.
Rob Hull
7 Ways to Shift Your Perspective About the Dreaded 'No' in Sales
Business Circle

7 Ways to Shift Your Perspective About the Dreaded 'No' in Sales

Overcome the uncomfortable and awkward moment of a rejection from a client.
Sherrie Campbell
Start With a Simple Business Plan and Grow It as Needed
Business Plans

Start With a Simple Business Plan and Grow It as Needed

Begin with a lean document that can guide your company's efforts internally. Add to it later on if investors or bankers need more details.
Tim Berry
Delivered by
4 Things Entrepreneurs Should Think About That May Not Be in the Business Plan
Leadership

4 Things Entrepreneurs Should Think About That May Not Be in the Business Plan

Two young women recount the lessons they learned from starting their social media-marketing agency.
Courtney Spritzer and Stephanie Abrams
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