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The business plan: a key step in entrepreneurship

The business plan: a key step in entrepreneurship

A business plan in France is a very important strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps needed to make their business ideas successful, but also helps them achieve their short- and long-term goals.

“If you fail to plan, you plan to fail.” Benjamin Franklin Eugene Kleiner, venture capitalist and Silicon Valley pioneer, once said that writing a business plan forces you to think disciplinedly. An idea may seem great, but when you write down all the details and numbers, it can fall apart. Although a business plan is absolutely essential in entrepreneurship, not all entrepreneurs see the need for one. Many are hesitant to have their plan written. In fact, many articles online claim that the business plan is dead or irrelevant. Of course, not everyone agrees with this. Many business finance experts agree that having a good business idea is not enough. Even great business ideas can be completely useless if you can't formulate, execute and implement a strategic plan to make your business idea work. If you're looking to raise money from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable. You should aim to have a well-researched business plan that speaks for itself. It must be clear and easy to read and understand. If no commitment is made, there are only promises and hopes; but no plans - Peter F. Drucker
Before writing a business plan, it is important to consider two important factors:
  1. Who will be the reader? For example, if you want to raise capital, it is very likely that investors will be your target audience. If you are interested in partnerships or joint ventures, your potential business partners will be your audience.
  2. What answer are you hoping for? Depending on your target audience, focus on the key message you want them to receive in order to get the response you want.
Here are 4 reasons why you need a business plan:
1. Raise money for your business
Potential investors or lenders want a written business plan before giving you money. A simple description of your business concept is not enough. Instead, make sure you have a comprehensive business and financial plan that demonstrates the likelihood of success and how much you will need to get your business off the ground.
2. Make good decisions
As an entrepreneur, having a business plan helps you define and focus on your business ideas and strategies. You focus not only on financial issues, but also on management issues, human resource planning, technology and creating value for your client.
3. To help you identify potential weaknesses
Having a business plan helps you identify potential pitfalls of your idea. You can also share the plan with others who can give you their opinions and advice. Identify experts and professionals who can give you valuable advice and share your plan with them.
4. Communicate your ideas with stakeholders
A business plan is a communications tool you can use to obtain investment capital from financial institutions or lenders. It can also be used to convince people to work for your business, to obtain credit from suppliers, and to attract potential customers.
Creating a business plan involves a lot of thought. You need to consider what you want to do and use that as a starting point. It doesn't need to be complicated. At its core, your plan should identify where you are now, where you want your business to go, and how you will get there. Writing a good business plan, adds the Ernst and Young Business Plan Guide, cannot guarantee success, but it can go a long way to reducing the chances of failure. It's also according to that even if you're not looking for investment, your business plans will quickly fall flat without a plan to guide them. Finally, Legal Smart experts are there to establish a good business plan that meets market requirements.
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