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Myth of the Business Plan

Writing one is largely a joke. Seriously.

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This story appears in the January 2011 issue of Entrepreneur. Subscribe »

What entrepreneur hasn't been told of the need for a written ? But most, when asked whether they have one, would cast a guilty look at their shoes. Well, fret no more. Continuing at , regarded as having one of the top programs in the country, finds no statistical correlation between a startup firm's ultimate revenue or net income and the supposedly requisite written business plan.

"Some of the heroes of today's would-be entrepreneurs, such as , and did not have in hand when they embarked on ventures that changed the world," the study noted. Sadly, while the research debunked the business plan more than three years ago, the myth lingers.

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