Creating a Business Plan | BUSINESS and more |

It’s true that you don’t need to create a formal business plan in order to start a business. You can kickstart a business very quickly without having to plan out every detail in advance.


That said, there can be tremendous value in planning. Thinking through a business in advance is hard work and requires deep concentration (if you want to do it well), but the payoff is a significant increase in clarity and a better shot at creating or expanding a successful enterprise.


I spent most of last week creating a new long-term plan for my business, which I just completed on Friday. I hadn’t done anything this thorough since 2005. It was incredibly tough mental work, and I put in many 12-16 hour days in a row, sometimes working so hard that I literally fell asleep at my desk. Then I’d wake up and work on it some more...