Just to clarify to all the aspiring Entrepreneurs, not as it may sound, a Business Plan is not essentially a document which would tell you how to proceed with executing your great idea, or just help you get the funding you are looking for. If your b plan document is something that you are preparing for an early stage investor, the recommendation would be to prepare one for yourself first, which tells you whether you need to proceed with the venture or not.
More often than not, it is a document which would tell you not to proceed with one. i.e A GO NO GO decider.
The requirement of a Business Plan and the preparation of the same is greatly influenced by the need of the audience. A comprehensive business may be a document privy to only its creater, but its sharing includes a lot of customization. In all, there would be 3 types of audience which would define the scope of this document.
- The Creator i.e. You (often known as the promoter/founder/or the upcoming CEO of the Upcoming organization)
- The Investor
- The Partner
Let us discuss the audience in a little more detail.
The Creator i.e. You
You need a business plan to convince yourself that your idea means serious business. Many a times a thought or an idea, until it is put down on paper stays clouded with a lot of biases. These biases may be emotional or totally based on lack of information about the industry you are going to operate in. Also, for a B Plan, your Brain acts as RAM. It’ll only keep as much info as you would need to recall immediately. Jotting down your plan on a piece of paper , relieves your brain of the mental pressure of keeping it in the immediate recall state and make a little space for other important information to come in. That is exactly why we work with to-do lists.