We find that many entrepreneurs find it difficult to write out a business plan. Could you cite why this important step should not be overlooked?

William H. Crookston, Ph.D.
Professor of Clinical Entrepreneurship University of Southern California

We find that many entrepreneurs find it difficult to write out a business plan. Could you cite why this important step should not be overlooked?

My experience has been both with students and with individual executives who are trying to start or plan or grow a business and are attempting to do it without a plan. Those particular projects don't get the help that good planning could give and it's my belief over many years of experience as well as teaching that it that it's a necessity to have a written business plan. It helps you figure out where you're going. It helps get people to support you. It's an important sales document. It's a very important financial document and really is your first child.

If you can't write that business plan you can imagine what a mess your second child, the actual business, could be. So if there is anything here that you should tell the world, it is: write a business plan. It doesn't have to be elaborate. There are many templates out there. We prefer to make sure the entrepreneur does it themselves. You should revise it anytime you think feel it needs revision but without it your just stumbling around in the dark.