Business Plan Experts Review

I know you might be asking what does this have to do with all of my previous blog post and I know it doesn’t really tie with any of them but I have been focusing my Master’s business plan on video game consulting and I have noticed that business plans are a really great start for any entrepreneur in any industry.

I believe that a business plan is a really good thing to have before you start your actual business but I will be discussing an article between two experts that have 2 different opinions.

According to David F. McShea who is a partner at the law firm Perkins Coiw mentions that “writing a business plan may actually convince you to dispense with or change your original business concept”. He feels that a lot of people have good business ideas when they say it, but when you put it in writing every thing changes. I completely agree with him its much better to measure your business success before actually loosing any money. People think just because something sounds cool, it’s the next big thing and we all know that is not of the Entertainment Industry works unfortunately.

Now according to Will Hsu who is the co-founder of the LA-based startup MuckerLab, a business plan is not needed prior to opening up a business. He states, “An entrepreneurs time and energy should be put into solving a even bigger problem”. He feels that when opening business is more important to focus on what he calls “ product market fit risk” which is how to target you clients to buy your products.  In a way after reading the article I agree in part with Will, I do believe that “product market fit risk” is something that all business owners have to think about every single day, but I strongly feel like that writing a business plan prior to opening up a business helps you figure that problem out. It helps you find a more viable solution to that sort of problem.

Now according to the Harvard Business Review blog they state that "Great Businesses Don't Start With a Plan". They state that a 70% of all the people they surveyed for that report never started their business with a business plan. They started their business based on an idea and started it form their. (You can read more here)

I hope this post really helps you answer the question if a business plan is really needed before actually opening your business. Let me know what you think about this topic in the comment section below.