Entrepreneurship Lessons for Success (Collection)

Truth 10. Writing a business plan: Still as important as ever

Imagine the following. Two friends of yours are thinking about opening a seafood restaurant. After doing some preliminary analysis, they decide to write a business plan. They spend the next two months meeting five nights a week to hash out every detail of the business. They study the restaurant industry intently, identify their target market, develop a marketing plan, settle on a hiring schedule, plan their facility, determine what their startup expenses will be, and put together three years of pro forma (projected) financial statements. After 40 meetings and several drafts, they produce a 30-page business plan that explains every aspect of the business. They ask you to proofread ...