Maybe you think you don't need a step-by-step guide to writing a great business plan. Maybe you think you don't need a template for writing a business plan. After all, some entrepreneurs succeed without writing a business plan. With great timing, solid business skills, entrepreneurial drive, and a little luck , some founders build thriving businesses without creating even an informal business plan. Does a business plan make startup success inevitable? Absolutely not.
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Last Updated: March 29, References. This article was co-authored by Michael R. Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. This article has been viewed 24, times. Sometimes you just need to write a business plan in a jiffy. Perhaps a wealthy relative wants to hear more details about your new business idea, or your banker or even a venture capitalist invites you to drop by that afternoon for a chat.
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Learning how to write a business plan not only leads to a great blueprint for running a company, it forces you to take a good look at how your business needs to be run. It can also be a "checklist" for ensuring your company gets on the right track - financially and structurally. From a financial point of view, a business plan is, by design, a document that's meant to attract money and financing to your fledgling business - it's your sales pitch to deep-pocketed investors to provide the financial juice you need to get your business up and running. Typically, business plans fall into two categories - traditional business plans and "lean startup" business plans.
An executive summary of a business plan is an overview. Its purpose is to summarize the key points of a document for its readers, saving them time and preparing them for the upcoming content. Think of the executive summary as an advance organizer for the reader. Above all else, it must be clear and concise. But it also has to entice the reader to read the rest of the business plan.