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What is a business plan and why is it important for entrepreneurs to develop a business plan

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Business plans are dead — or are they? For many entrepreneurs, the business plan is an outmoded document that gets created mainly for the benefit of VCs and bank loan officers. Bootstrappers rarely think they need one to get by. But the fact is that a business plan — even just a one-pager with a few financial projections — can be a valuable internal tool.

Why Is It Important for Entrepreneurs to Develop Financial Plans for Their Companies?

Importance of Business Plan To an Entrepreneur

Do you want more customers, more income, and more profitability? Then, you probably need an excellent marketing strategy. So, you will need an excellent marketing plan. Everything that you do and want to accomplish will require some type of planning activity. Plans are outcomes of planning activities where you address what you need to do to achieve something you want to achieve.

10 Reasons Why You Should Write A Business Plan

Some member of our staff at Echoing Green, an angel investor and grantmaker in social enterprise, hears this request every week. And we are often happy to review these start-up plans — which include the typical elements such as a product description, competitive analysis, estimate of market size, and projected financials. But we are interested in much more than these traditional plans. We use other criteria to find new people and ideas that can create large-scale social change. Like the vast majority of start-ups, most new social enterprises are bootstrapping efforts.
Interacting with a startup entrepreneur, I often face the question that why one needs a business plan while initiating a venture. Most beginners perceive a business plan as only a fundraising instrument required to submit to the bank or any other financial institution. Here we list down the most important reasons why entrepreneurs must have a business plan before actually starting a venture. However, the truth is the business plan is the most important tool for understanding how to put together everything in your business. It is useful for monitoring progress and keeping the business accountable.
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