Entrepreneurship, Second Edition

7.6. CONCLUSION

The business plan is more than just a document; it is a process, a story. Although the finished product is often a written plan, the deep thinking and fact-based analysis that go into that document provide the entrepreneur the keen insights needed to marshal resources and direct growth. The whole process can be painful, but it almost always maximizes revenue and minimizes costs. The reason is that the process allows the entrepreneur to better anticipate instead of react.

Business planning also provides talking points so that entrepreneurs can get feedback from a number of experts, including investors, vendors, and customers. Think of business planning as one of your first steps on the journey to entrepreneurial success. Also remember that business planning is a process and not a product. It is iterative, and in some sense, it never ends. As your venture grows, you will want to come back and revisit earlier drafts, create new drafts, and so on for the entire life of your business. Keep your three-ring binder close by and continue to add to and revise it often. It is the depository of all the learning that you have achieved as well as your plans for the future. While preparing the first draft of your plan is tough, the rewards are many. Enjoy the journey.