Business Plan – Do you Really Need One?

Interesting article on business plans which talks of successful entrepreneurs seemly flying by the seat of their pants. I read it with scepticism and in fact Andrew Burke from Cranfield University finds that startups with a business plan grew one third faster than those without a business plan.

I do accept the argument that some technological sectors move so fast that you simply cannot plan 3 years or even 12 months ahead, but surely some form of formal plan is of benefit to every business.  One of the key benefits to business planning in my view is in the prevention of “mission creep” which I blogged about here.