Presentation on theme: "Professor Amtmann. I agree A plan is a point of departure Flexibility is often a Hallmark of Entrepreneurs Reasons for change Overestimation Underestimation."— Presentation transcript:
I agree A plan is a point of departure Flexibility is often a Hallmark of Entrepreneurs Reasons for change Overestimation Underestimation Misread the market Unplanned contingencies Cash needs New entrants
People may be afraid to change a really neat well designed and pretty plan Today it is likely your plan was produced on a computer It is actually really easy to amend / modify it! So while the image of a pencil written plan is great, keep the psychology of the pencil, but also take advantage of the professionalism of the computer Some people feel bound to a plan that received high praise
Have never written a Business Plan The author did not I have written and used several The author looks as a plan as a necessity only for raising money He still believes in planning! He believes your energies are wasted taking the time to write a detailed plan I disagree! I especially disagree if you are going into business with another person If you cannot work together to write a plan dont start the business
When your plan is only in your mind you do not draw many associations of ideas When it is in writing you now start to think about more interactions as you read your plan The author believes you should concentrate on writing down your goals Comparing them year to year If you have a good business plan and use it as your business develops you will do this Making those changes in a written plan will lead to analysis of the current state of the business
The author suggests you wait until your business grows and then write a plan as a map for your employees, they need a way to share the vision! Why start a trip without a map and then get one to try and figure out where you are and where you are going after you are part way through the trip? I would rather know where I am throughout the entire trip What about your suppliers or customers, they might like to know where you are going and if they want to take the trip with you?
Any business is an evolution and a journey Have a plan and use it Plan on the fact that the best made plans will always need to change, because life happens and no matter how good a planner you are there will always be something happening you did not foresee or plan on! A good plan is never a waste of time! It is always a tool for investigation The most valuable Business Plan you will ever write is the one that proves the business will not work!