The Underrated Value of Business Plans for Startup Founders
I’d like to share an unpopular opinion: the business plan is not dead. Contrary to what many believe, business plans still hold immense value, especially during the early stages of a startup. The difference lies in who the intended audience is. Instead of writing a business plan to share with others, it should be created primarily for the founder’s benefit.
Writing a business plan for yourself allows you to confront the challenges, explore various possibilities, and refine your vision for the business. By documenting every aspect of your startup, you become more honest with yourself, iterate and reiterate your ideas, and dive deep into the core tenets and goals of your company. This process will result in a clearer understanding of your business and a stronger foundation for growth.
Jeff Bezos, the founder of Amazon, famously said, “Writing forces you to think.” The act of documenting your business plan compels you to think critically, organize your thoughts, and create a coherent strategy. Embracing this practice can significantly enhance your decision-making process and the trajectory of your startup.
The business plan is far from being obsolete. It remains a crucial tool for founders to gain clarity, develop a strategic roadmap, and lay a solid foundation for their startups. Remember that a problem written down is a problem half-solved, so don’t hesitate to put your ideas on paper and start refining your vision. Good luck!