Is A Business Plan Obselete?

by Kathy Sykes on March 29, 2011 · 0 comments

Image from: betadaily.com

In this economy, there are so many people who are looking to make an income from working for themselves. Articles have stated that for every one job position posted, there are close to 50 applications completed for that job (if not more).

There are a lot of great ideas for business opportunities but does that mean that just because the idea is great, that it will be successful in this economy. In the past, it was recommended that an individual come up with a business plan before they try and launch a new venture. Is a business plan needed in this day and time or do we just need a great idea?

I was reading an article yahoo.com entitled…8 ridiculous ideas that made people ridiculously rich and I wondered if any of these people had a detailed business plan. Some examples of the ridiculous ideas were:

1. Pet Rock

2. Snuggies

3. Beanie Babies

Now, the people that I have been talking with about starting their own businesses don’t have ideas like the one above, but they have great ideas that would require little start up costs but do they need a business plan? I don’t think every venture needs a detailed business plan but I do believe that you need a PLAN!

Your plan may be written down on a piece of paper on how you are going to market the business, maintain products, maintain employees, etc. I don’t believe any venture was started without a well thought out plan (no matter how simple or extravagant). But typing up a 12 page double spaced business plan seems to be obsolete in today’s economy. Who normally wants to see a business plan? The financial institutions and with the economy the way it is, business loans are hard to come by.

Enlist a circle of confidantes and professionals to run your business ideas by and see if you can get some constructive fe

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