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Project One

Alliant International University
Sabrina Morris
MG 210 Entrepreneurship
Dr. Dana Leland
April 20, 2014
Project #1: The Business Plan
When should an entrepreneur write a business plan?
Writing a business plan ahead of time, before you open your doors for business, appear to help the performance of the business subsequently. Business plans are all about walking the walk. People who write business plans also do more stuff so doing more stuff, such as researching markets and preparing projections, increases the chances an entrepreneur will follow through. a well-written plan is great for attracting talent. When a prospect asks to understand your business, you can hand them a plan that gives them an entire overview. The written record of your goals coupled with a track record of delivering against those goals sends a message loud and clear: You understand your business and can deliver the results you promise. Great employees will respond to that message-as will banks and investors the next time you need to raise money. (http://www.entrepreneur.com/article/230350, n.d.)
When might it not be necessary to write a business plan?
Some entrepreneurs fail to write business plans because they don’t want to test their ideas too much, for fear they won’t withstand the scrutiny. Taken seriously, a business plan will show that some businesses should not be started, a possibility some entrepreneurs don’t want to confront. Most of the business plans had nothing to do with what the businesses eventually became. People who said they were going to specialize in developing new computer hardware ended up in software, for example. Companies that started with the goal of serving the end consumer became specialists in helping distributors. In a surprisingly high number of cases, what was in the business plan ended up having very little to do with what the

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