Comments on: Local Funding Workshop http://dyepot-teapot.com/2008/05/19/local-funding-workshop/ don't drink from the wrong one Thu, 17 Nov 2011 16:33:41 +0000 hourly 1 http://wordpress.com/ By: Steve Morris http://dyepot-teapot.com/2008/05/19/local-funding-workshop/#comment-2008 Thu, 22 May 2008 04:54:00 +0000 http://dyepot.wordpress.com/?p=316#comment-2008 Hmm — business planning seems to have gotten a bad image. That’s unfortunate, because biz plans (if done right) are a good thing for at least 4 reasons:

1. Y0u need one to get funding from an investor or a bank (and you’re likely to need at least one of those at some point).

2. Developing a plan is an excellent exercise for team building and for creating a shared vision (and shared vision has to do with more than just the product).

3. If you don’t think through the business (as opposed to focusing on just the product) then you usually end up building a product — but not a business.

4. A good plan should include a description of how you willl “implement the venture”!

I think you’d be hard pressed to find a successful enterpreneur who was able to “implement the new venture” without a plan. That would be like embarking on a trip without a map.

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