By Sheila E at June 21 2019 17:58:06
The business planning process can be very helpful to "accidental entrepreneurs" as it allows you to decide which ideas are best left as hobbies and which ones could provide some real cash flow. The "Back of a Napkin" Plan: It is the source of entrepreneurial legend and lore, the million_dollar idea that was hurriedly scribbled on a bar napkin. Yet, for most potential business owners this option for business planning remains a fantasy. However, like any myth there is a tiny grain of truth inside. A quickie business outline can work as a launch plan under the right circumstances.
When you, and your partners if any, have all the core skills and industry knowledge you need to start right away without seeking experts, napkin notes may be enough to get going. Let's say you are already an expert in technology and social media. Then you, and your team, probably don't need a detailed plan to start developing a new app. You will draw on your knowledge and experience, and you understand that you might need to go back and do some more detailed and formal planning later.