When it comes to the business plan there are multiple trains of thoughts. Some consider it a must, an undeniable requirement. While others see it as an impediment to achievement. Since I’m in the process of working on a business plan of my own, I actually agree with both sides. On one end the structured approach of a business plan forces you to consider and analyze your project thoroughly. On the other end, this time consuming process may prevent you from efficiently moving forward and executing. It seems you’re constantly in a planning phase. This is especially relevant when you’re starting your business on the side, working outside your day job. This may result in delayed execution.
The problem here is that investors usually make the business plan a requirement – especially if you’re looking at getting government backed loans or grants.
From your own experience, do you feel the BP is a must or a timer waster?