Branson: startups must use a business plan

richard - early stageInteresting 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.”


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