Entrepreneurs often wonder whether a business plan is a prerequisite for launching their ventures. In my view, the answer is no. There are several reasons why I hold this opinion, including the actual purpose of business plans and the situations where they can prove beneficial. I'll discuss this topic further and share my thoughts on it.
What you’ll hear on this episode:
[1:28] What is a business plan?
[2:34] Should you go through the exercise of creating a business plan, even if you do not need one?
[4:17] Performing a SWOT analysis as part of your business plan.
[6:10] Analysis by paralysis is not moving you forward
[7:19] What are some downsides of creating a business plan?
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The Importance of Communicating Expectations in Business
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.