Successfully starting a business creates a future that is wide open and boundless with possibilities. When Atlanta entrepreneurs begin the process of planning their business, they often rely on a business plan to lead them toward success. However, some sources suggest that entrepreneurs place too high an emphasis on the document itself, rather than taking a deep look at what actually is going into the business.
During the business formation process entrepreneurs should, according to one authority, focus on the clarity of their purpose and the overall vision they have of the business. This advice from a writer for the Harvard Business Review emphasizes that the best guidance for a start-up business person is to know and remember the reason why the business should exist.
This suggestion is not to say that a business plan is not a good idea, but rather is a recommendation that entrepreneurs look more closely at what makes their business worthwhile. By articulating the goals of the business and focusing on why the business should exist, entrepreneurs may find success without having to stress out about creating a lengthy document. In many cases, the author says, even a well-written business plan has little to do with the reality of the business once the doors open.
The venture capitalist writer also suggests that entrepreneurs attend to the team as an integral part of the business formation process. Building the right team can lead to greater success than the words found within a business plan. While a business plan may be needed in some cases, every business and entrepreneur is different. Thus, their needs will be different.
Starting a business in Atlanta can be challenging and exciting. Having a dream and seeing it come to fruition is a wonderful thing for entrepreneurs to experience. Whether your business requires a written plan or not may be debatable. But the process of business formation is one that definitely requires the development of strategies and tactics, and knowledge of applicable laws and licensures, in order to get the vision from concept to reality. Consulting with an experienced business law attorney is always advisable in this regard.
Source: TIME Business, “Starting a Business? Skip the Plan,” The Associated Press, Oct. 5, 2012