Time is a limited resource, and we rarely stop to think how we spend it in the grand scheme of things. We get so caught up in being busy; we end up sacrificing effectiveness for efficiency.
Managing your time might involves notes, to-do lists, and calendars, which often leave little room for items with long-term benefits. In addition to neglecting reading or exercising, we end up leaving no room for spontaneity.
Entrepreneurship, and life in general, is unpredictable and full of uncertainty. There is no way to fully guarantee that your decision is the right one. After weighing all the options, listing pros & cons, and deciding on a specific course of action, it is your responsibility to also formulate a back-up plan.
Traditionally, business plans were written for the sole purpose of obtaining funding. Many founders considered them a waste of valuable time and money, unaware of the immense value. The business plan was handed out to VCs or loan officers, never to be used again. Businesses that did not require much startup capital, or startups which were financed by the founders, often would not even bother preparing the document. However, in reality, a business plan is an essential component in launching a startup and sustaining a successful business.
Another year has begun, and we are already nearing the end of February. This is a great time to go back and review your 2011 goals and see if you are on track. Have you reached the milestones set out? How should you adapt your strategy to better reach your goals? Remember that every plan is a basis for change, and it’s important to monitor progress and adjust accordingly.
A business plan is essential to secure funding. You can have the best elevator pitch, but VCs want to see more before they decide that your startup is a viable idea. In order to attract VCs you should focus on the following 3 sections while writing your business plan.
