15 Dec 2008

Do you really need a business plan to get started with your venture?

The question above had been a point of numerous discussions on start-ups I've had with entrepreneurs.

Lots of businesses are started with a motivational line - "Screw It!! Let's Do It!". Some of the ventures do succeed without a business plan - and also make it big.

There are wannabe entrepreneurs who think they can't proceed without a business plan.

What is your take? Do you think you need a business plan to get started with your venture?
rahuljain.

rahuljain.

Branch Unspecified
14 Jan 2009
I once belonged to the group who thought "Screw it, let's do it". but when i prepared a business plan with the idea of pitching it to a VC I realised that there were many holes in my idea.
Surely you need a business plan but a word of caution don't overdo it.
Get a grab of things and start.
Red Hawk

Red Hawk

Branch Unspecified
15 Feb 2009
The_Big_K
Some of the ventures do succeed without a business plan - and also make it big.

There are wannabe entrepreneurs who think they can't proceed without a business plan.

What is your take? Do you think you need a business plan to get started with your venture?
I think a Business plan is must for starting a new venture.. But this plan must be an executable and prompt one.. A new plan is not always successful.. Any plan which improvise the existing one or improves its productivity is great..

As i am doing my second year UG course, i cant think any business plans as for now.. So dear friends, if you have come across any interesting business plans or if you have its URL, please post it here.. It would be of great help for most of the CEans out there..
aashishwashikar

aashishwashikar

Branch Unspecified
10 Mar 2009
I feel, business plan is needed. I know we engineers are capable of doing anything, but if the things are organised then there are very high chances of succeeding.
Saandeep Sreerambatla

Saandeep Sreerambatla

Branch Unspecified
10 Mar 2009
Dont plan completely before you start something.
Just plan a few things then Start doing it once it is continuing the business plan is automatically formed.
😎
g_rakesh2

g_rakesh2

Branch Unspecified
10 Mar 2009
Yes business Plan is must to start any venture...
Yes, there was one time when no need of plan was there, as competition was very less...
But now a days competition is so high that one need to think several times before taking any step!

Now my goal is to become an enterpreneur.
But I can not start my firm like I have completed my degree and lets start it, its not that way.
You need to plan, if you want to start a business you should have sound knowledge in that field not
in the techniqle aspects but also in all the ups and downs of that business. This all study is needed to
survive in the competetion. And this study is nothing but plan...
And planning will always help in continuous growth....

g_rakesh2,
....
just2rock

just2rock

Branch Unspecified
10 Mar 2009
Yes ..plans are surely needed to make it happen BIG ..
if not then must be having atleast Crores in Bank already else rob a Bank😉
shiwa436

shiwa436

Branch Unspecified
10 Mar 2009
Planning is a must for any startup to be opened...... but full fledged plan is not required.
g_rakesh2

g_rakesh2

Branch Unspecified
10 Mar 2009
shiwa436
Planning is a must for any startup to be opened...... but full fledged plan is not required.
yes thats what English_Scared is saying...
vfugue

vfugue

Branch Unspecified
16 Oct 2009
I everyone,
Very interesting question...I think it depends on if you are writing a business plan to organize your own thoughts, or if you are doing it to try to raise some capital for your idea from an investor. I wasn't too sure which one this post was about so I will just assume you meant if you want to get some money for your idea since I don't think it will be possible to get money unless you provide this plan (unless it comes from your friends or family)... one thing I have learned over the years is that the *most important* thing even before you write a business plan about how you will execute your business idea, is to prove that there is a market for your idea - not in theory but in actuality. Meaning, to develop an inexpensive prototype (if that is possible) and then find some customers/friends/whomever to use your product. Even if they do not pay you, they will give you important feedback/suggested improvements. Then when you have a product that your first few customers are jumping up and down about, and would be willing to pay for (because it improves their lives/work etc.) then you can sit down and decide how much money do you need to to make the product, how many people will you be able to sell it to and how quickly, and who will you choose as your team mates - this is really what the investors want to see. Is anyone going to buy this so I can support the entrepreneur but also get my money back (+ some)...hope you found this helpful.
pracas

pracas

Branch Unspecified
16 Nov 2009
Nope, you don't need one to start. actually speaking my mind if you think you need one to start then perhaps the chances of you starting are very low. However it pays to have a clear understanding of what you are going to do and how - just basic definitions that will show you directions. a business plan helps in 2 cases - 1 to get funding , 2 to get clarity on direction ahead. remember most successful businesses didn't start with a business plan but made one after they had settled their first level of operation. Its only when you have actually started and stepped in do you get to know the realities of the business that can shape up your business plan otherwise - its like writing a book on swimming with thoughts of getting into the pool!

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