Entering the Miami Herald’s Business Plan Challenge offers a terrific benefit — even if you don’t end up winning. It might just be the kick start you need to get that business plan in the works.
“There is a learning curve for entrepreneurs and writing a business plan requires the writer to look at every aspect of the business,’’ said Martin Luytjes, a professor at Florida International University who teaches business planning and often requires his students to write them. “It’s a great exercise in developing the critical thinking that is necessary to be a success in business.’’
You’ll need a business plan if you are seeking investors or a bank loan. But even if you are bootstrapping it, it helps you set goals and start preparing a roadmap for your business.
“Whether raising capital or not, writing a business plan provides a rigorous, methodical way to think through a new business concept in its entirety,’’ said Robert Hacker, an FIU business professor and a Business Plan Challenge judge. “While the plan will change after testing by the market, a thorough plan better prepares the entrepreneur.”
Read : ” Have you hugged your business plan today ” an article by The Miami Herald