Even your friends and family, or the most aggressive angel investors.Things have changed., a business plan is still a must for some scenarios and some reasons.If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.
”An executive summary is a different document again.
It is a smart tool and essential one to have as a cover for your business plan.
Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand.
Just because it is the status quo should never be a line in the vocabulary of a startup founder today.
We look for functional prototypes and customer development and most importantly, scalability.
Can you scale customer acquisition cheaply and measurably?
It is much more important to get started, test, and secure funding first.
When it comes to business plan creation there are now more templates and streamlined formats that are being adjusted to meet today’s needs to accommodate faster moving, leaner startups.
Harvard Business Review (HBR) says “the real key to succeeding in business is being flexible and responsive to opportunities.
Entrepreneurs often have to pivot their business once it becomes clear that their original customer is not the right customer, or when it turns out that their product or service fits better in an alternate market.