It pays to plan. Entrepreneurs who write business plans are more likely to succeed, according to research. It is much better to wait, not to devote too much time to writing the plan, and, crucially, to synchronize the plan with other key startup activities. Entrepreneurs who write business plans are more likely to succeed, according to our research, described in an earlier piece for Harvard Business Review. But while this might tempt some entrepreneurs to make writing a plan their very first task, our subsequent study shows that writing a plan first is a really bad idea.
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A business purpose statement is an essential part of forming a new business. In some states, it is even a legally required aspect of your business filing. Whether mandatory or not, having a business purpose statement can help you to identify your mission, define your goals and ultimately find the success you crave. Writing a business purpose statement comes down to answering one important question: why is your company in business? The purpose of your company is to provide a certain service or product to your clients. The statement of purpose should, therefore, illustrate how you will improve the lives of those you serve. Not only is a business purpose statement a good thing to have, but it can also provide a competitive advantage over companies without such a statement.
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Tasks, to-do lists, meetings, and more. Amidst that rush, the idea of writing a good business plan—much less following a business plan template—often feels time-consuming and intimidating. After all, when done right, business plans have enormous payoffs. And yet, more than 1 in 10 prospective business owners said they do not intend to write a business plan.
The business plan is a document that outlines what your business is about and what it intends to achieve. However, few business owners understand how to really write a good business plan. They only think about writing a business plan when the time has come to acquire funding for their business. And next, they write the business plans with the sole aim of getting money from banks or potential investors. This is the wrong way to go about things.