Comments on: Why Writing A Business Plan Is An Overrated Practice http://mywifequitherjob.com/why-writing-a-business-plan-is-an-overrated-practice/ Building Wealth and Entrepreneurship When Your Wife Wants to Stay at Home With the Kids Mon, 15 Mar 2010 23:52:14 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: BDiC | Social Media - Build Community - Increase Business Profits http://mywifequitherjob.com/why-writing-a-business-plan-is-an-overrated-practice/comment-page-1/#comment-168 BDiC | Social Media - Build Community - Increase Business Profits Tue, 14 Oct 2008 06:17:47 +0000 http://mywifequitherjob.com/?p=955#comment-168 [...] the arrow to hear a welcome messageThere is a very interesting post by Steve at My Wife Quit Her Job where he discusses the pros and cons of Writing A Business [...] [...] the arrow to hear a welcome messageThere is a very interesting post by Steve at My Wife Quit Her Job where he discusses the pros and cons of Writing A Business [...]

]]> By: Andrea Hess|Intuition In Business http://mywifequitherjob.com/why-writing-a-business-plan-is-an-overrated-practice/comment-page-1/#comment-149 Andrea Hess|Intuition In Business Mon, 06 Oct 2008 01:15:46 +0000 http://mywifequitherjob.com/?p=955#comment-149 I agree with Danny that investors and banks want to see a business plan - but that's the ONLY reason, in my book, to spend more than a half hour on a business plan. I myself have never written one, and somehow my business is doing just fine! :-) I agree that lots of people spend too much time on planning. It gives them a sense of control, almost as if the plan acts as a guarantee that their business will be a success. I say, jump in and DO business. Only action creates results. We have to get to know our business not on paper, but through experience. Great article! Blessings, Andrea I agree with Danny that investors and banks want to see a business plan – but that’s the ONLY reason, in my book, to spend more than a half hour on a business plan. I myself have never written one, and somehow my business is doing just fine! :-) I agree that lots of people spend too much time on planning. It gives them a sense of control, almost as if the plan acts as a guarantee that their business will be a success.

I say, jump in and DO business. Only action creates results. We have to get to know our business not on paper, but through experience.

Great article!

Blessings,
Andrea

]]> By: Steve http://mywifequitherjob.com/why-writing-a-business-plan-is-an-overrated-practice/comment-page-1/#comment-148 Steve Sun, 05 Oct 2008 18:01:27 +0000 http://mywifequitherjob.com/?p=955#comment-148 Hi Danny, Point well taken. There are two types of business plans, external and internal. In the case that you've pointed out in regards to getting loans from banks and other financial institutions, you are correct. An external business plan is absolutely necessary. The type of business plan that I'm referring to in this article in more of an internal one. I've just found that most people write a business plan just once and never look back at it ever again. Hi Danny,

Point well taken. There are two types of business plans, external and internal. In the case that you’ve pointed out in regards to getting loans from banks and other financial institutions, you are correct. An external business plan is absolutely necessary. The type of business plan that I’m referring to in this article in more of an internal one. I’ve just found that most people write a business plan just once and never look back at it ever again.

]]> By: Danny Brown http://mywifequitherjob.com/why-writing-a-business-plan-is-an-overrated-practice/comment-page-1/#comment-147 Danny Brown Sun, 05 Oct 2008 17:52:21 +0000 http://mywifequitherjob.com/?p=955#comment-147 While I can understand your personal reasoning not wanting to waste time on a business plan, I still feel they're an invaluable resource for many reasons. Key to this is getting funding for your venture - while it may be okay for Steve Jobs to sell ice to the eskimos, it took him a while to achieve this. Unfortunately the rest of us mere mortals aren't so lucky... ;-) Banks and financial institutions still lay a lot of credence onto a well executed business plan, and that's where they differ from investors. Yet even the greatest salesman in the world won't receive investment if he or she can't back up their excellent idea with the logic that a business plan can show. While I can understand your personal reasoning not wanting to waste time on a business plan, I still feel they’re an invaluable resource for many reasons.

Key to this is getting funding for your venture – while it may be okay for Steve Jobs to sell ice to the eskimos, it took him a while to achieve this. Unfortunately the rest of us mere mortals aren’t so lucky… ;-)

Banks and financial institutions still lay a lot of credence onto a well executed business plan, and that’s where they differ from investors. Yet even the greatest salesman in the world won’t receive investment if he or she can’t back up their excellent idea with the logic that a business plan can show.

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