Most entrepreneurs are obsessed with the novelty of the idea when planning a new venture. The uniqueness of the idea may give you a head start but it is no guarantee of lasting success. To achieve long-term success an entrepreneur must have the foresight to have a clear vision in mind. How you implement that vision and develop the product/service will ultimately determine your success.
There are many people who say that Business Plans are a waste of time for a start-up due to the dynamic and evolving nature of such enterprises. I don’t agree! Planning is essential for any business. The business plan simply documents those plans along with goals, objectives and targets. What is unnecessary or a waste of time are the academic style business plans prepared by many of the first time entrepreneurs.
Without a doubt, the entrepreneur must have a detailed action plan outlining the future course of action so that the business idea can be executed successfully. The actionable strategies will help to take the business forward and assign responsibilities and hold the team members accountable.
Unless the plan is in writing, it is not really a plan. The planning process can be very useful in overcoming strategic challenges and opportunities that arise along the way.
Being an entrepreneur is more than putting in a 9 to 5 shift, you have to be on your game the whole time. Once the business gets rolling the entrepreneur is invariably caught up with day to day workload and struggles to develop or implement a strategy. This is exactly why you need a plan at the outset to keep you on track
Amer Qureshi is a business adviser, leadership expert, trainer, author and chartered accountant. He tweets at @amerq_qct