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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Write Your Business Plan summary
The Staff of Entrepreneur Media, Inc.
Get Your Plan in Place and Your Business Off the Ground
16 mins
Brief summary
Write Your Business Plan by The Staff of Entrepreneur Media, Inc. is a comprehensive guide that takes you step-by-step through the process of writing a successful business plan. It provides practical tips and examples to help you create a plan that can attract investors and lead your business to success.
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Write Your Business Plan
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Key idea 1 of 8
Outline your goals, thinking about what you want to achieve and how you want to achieve it.
So you've got a great idea for a business. That's a good start, but if you want to turn your idea into a successful business, you'll need a business plan.
A business plan acts as a blueprint, spelling out the important elements of your future company, like its purpose and its products, a marketing strategy and overall financial goals. A business plan is also an essential tool in raising funds and gaining support for your venture.
You need to clearly state your objectives and your financial situation, however, before you sit down to write your business plan.
Take some time to think about the future. What do you want to achieve? Identify clear goals so you can start working toward them.
Know that if you are unclear in your goals and your strategy to achieve them, your business plan won’t be worth the paper you printed it on. You can't outline your idea for a booming business but then articulate a strategy of slow, stable growth – it just wouldn't make sense.
Your team benefits from a clear business plan too, as it explains clearly what they’re all working toward. What’s more, your employees will support your company more avidly when goals are set.
Financial matters too are a crucial part of any good business plan. How will you secure funding? And what sort of funding are you willing to accept?
A new business has a few options when it comes to funding, such as securing bank loans, looking for money from friends and family, or seeking venture capital. It’s important that you determine which option is right for your business.
Venture capitalists, for instance, often insist on making management decisions. Sometimes VCs will even put one of their members on your board of directors, with an eye to protecting their investments. Think about it: how much control are you willing to give up?
You also have to consider your costs. If you raise money through a stock offer, for example, you might get a lot of cash but also you’ll deal with high commissions and fees as well as complicated paperwork.
Take some time to think about the level of complexity you’d be comfortable with, before you dive in!
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What is Write Your Business Plan about?
In Write Your Business Plan (2015), you’ll get a comprehensive overview of how to start putting your ideas to words and getting your dream of starting a business off the ground. A well-crafted business plan is a blueprint for future success, so it’s vital that you craft a plan that sells your ideas well.
Write Your Business Plan Review
Write Your Business Plan is a valuable resource for anyone looking to create a solid business plan. Here's why this book is worth reading:
- It offers a comprehensive step-by-step guide that helps entrepreneurs navigate the process of developing a strategic business plan.
- With practical examples and case studies, it provides relevant insights and inspiration for crafting a compelling business plan.
- The book also emphasizes the importance of data-driven decision making, ensuring that your business plan is grounded in sound analysis and research.
Who should read Write Your Business Plan?
- Entrepreneurs looking for business funding or support
- Anyone looking to start their own business
- Inventors wanting to profit from their ideas
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Write Your Business Plan FAQs
What is the main message of Write Your Business Plan?
Craft a strong business plan for success.
How long does it take to read Write Your Business Plan?
The reading time for Write Your Business Plan varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.
Is Write Your Business Plan a good book? Is it worth reading?
Write Your Business Plan is a valuable read for aspiring entrepreneurs. It provides practical guidance for creating a solid business plan.
Who is the author of Write Your Business Plan?
Write Your Business Plan is written by The Staff of Entrepreneur Media, Inc.
What to read after Write Your Business Plan?
If you're wondering what to read next after Write Your Business Plan, here are some recommendations we suggest:
- How to Prepare a Business Plan by Edward Blackwell
- The Secrets to Writing a Successful Business Plan by Hal Shelton
- Unprepared to Entrepreneur by Sonya Barlow
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- The E-Myth Revisited by Michael E. Gerber
- How Highly Effective People Speak by Peter Andrei
- Level Up by Rob Dial
- Mastery by George Leonard
- How to Have a Happy Hustle by Bec Evans
- The Art of Clear Thinking by Hasard Lee