Business plans for entrepreneurs: the three ‘Rs’ – Part I Mike | November 8th, 2010

Some have argued that a business plan is not necessary when starting up your venture and that entrepreneurs can better spend their time on other things. I strongly disagree and argue that the very process of writing a business plan leads to a stronger, more sustainable business.

In the following short video (the first in a short series), I discuss why I believe this and lay out the three Rs: research, refinement, and (w)riting and how these can help entrepreneurs develop their idea and bring it to life.

I’d love to hear your thoughts on this.

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  • http://twitter.com/cargoh cargoh

    Totally agree. We went through a rigorous 3 month process to refine our business plan so that we could go out and raise the funds necessary. While it was super important for investors and advisors, we found the process benefitted us as founders the most. It helped us understand the market, the customers and the model better than we ever did before. Even though we still learn new lessons daily, we think that entrepreneurs and founders should go through the exercise even if no one else sees it. You won’t regret it.

  • Taylor

    Simple yet useful. I especially like how you recommend asking for negative feedback in order to recognize weaknesses, to then tweak and strengthen your case to future investors.

  • Anonymous

    Great video, I strongly agree with the 3R approach. I hope you guys & girls at crowdSPRING are not disturbed every 30mins by the trains.

  • http://twitter.com/vinebranch Vine Branch Designs

    Simple straight forward talk and very very true. If you fail to plan…you plan to fail. It’s inevitable, your business plan is crucial to your companies success!

  • work-R

    cant hear it. my computer fan is louder!

  • Jugun_in

    Hey..what makes this a great video is the shirt matching the Wall behind

  • jurrie

    I would see the 3R;s like this:

    Research
    Refine
    Rewrite

    (as you need to rewrite outcomes, goals and learnings after every new taken step!)

    instead of (W)rite ;)
    just my 2 cents

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