Interesting observations by Sir Richard Branson on early-stage business and the need for business plans. This is what he has to say:
“When I started out, I didn’t know anything about business…
I didn’t create a formal business plan, because – to be honest – it seemed really boring to me. I think this is something that puts off a lot of entrepreneurs.
However, I’ve since learned that business plans are invaluable.
They’re a necessity if you want to gain investment or a loan, and a good way to roadmap your business in the earlier stages, so that you can keep on track to meeting your goals.
Entrepreneurship can be overwhelming at times, but a business plan is a wonderful reminder of your vision – exactly what you need to focus on the next steps.
A business plan will also make you think about the difficult questions, which are easy to avoid when you’re in the honeymoon phase of starting a business, but need to be addressed in order to find success.”
Source: http://www.virgin.com/richard-branson/step-one-in-starting-a-business