The Eventual Millionaire: How Anyone Can Be an Entrepreneur and Successfully Grow Their Startup

Chapter 6

Long Business Plans Are for Banks

So many times people sit down and they start writing a business plan like they’re writing a novel. It’s just the worst thing you can possibly do.

—Michael Burcham

Do you need a business plan? In this chapter you will learn a quick way to plan your business, based on how millionaires plan theirs. It can be a bit overwhelming at times to start a business, and to know what you need to do first, and what you can save for later. Don’t worry, you won’t be creating an inch thick report of what you want your business to be!

When I surveyed the millionaires on whether they started with a business plan, they had some common (and sometimes funny!) answers.

Ha Ha, LOL. No freaking way.

Nothing formal, more in my head than anything else.

Nope.

No. I actually have never had one.

No. I didn’t know what the hell I was doing at the time. Now I will put outlines together when starting a new business.

No. I learned that a business plan was a good idea when I joined Entrepreneurs Organization in the early 2000s, but never took them seriously before that.

No. I never start with a business plan but I believe they are incredibly important. Since I have had plenty of business experience I usually know what to do next but I want to repeat some sort of a business plan is smart. My business plans have always started with a pad of paper and strategies that I want to implement as I move forward.

No, just a drive.

No. I had some back-of-napkin calculations, but I ...