Is it a good idea to pay MBA's to write your business plan?
my partner and I want to open an e-commerce jewelry and home goods business. we both work 12 hour days now and thought it may be a good idea to write our business plan for us so we can save time on writing it and aslo so it is legiable to investors. Also where can one go to find investors?
User Comments
- People do that all the time - paying someone else to write their business plan for them. In fact, there are people who specialize in writing business plans. You just have to guide them if you know more about the industry than they do. Work closely with the writer and make sure that the business plan captures your business objectives. You may want to have the writer sign a non-disclosure agreement though to make sure that priviledged information does not leak out.
As for investors, you may want to go and pitch your ideas where investors gather. Here are some places where angel investors come and those looking for funding can come and pitch their business plans. Be sure to have a strong business plan and describe what makes your business idea stand apart:
Angel Capital Association http://www.angelcapitalassociation.org...
Angel's Forum http://www.angelsforum.com
Band of Angels http://www.bandangels.com
Common Angels http://www.commonangels.com
Keiretsu Forum http://www.k4forum.com
Launchpad Venture Group http://www.launchpadventuregroup.com...
New World Angels http://www.newworldangels.com
New York Angels http://www.newyorkangels.com
Prairie Angels http://www.prairieangels.org (charges $125 to submit idea)
Robin Hood Ventures http://www.robinhoodventures.com... (charges $250)
- http://www.powerhomebiz.com/blog/2006/03...
- I'm not sure I agree with imisidro on hiring someone to write the business plan.
If the writer actually wrote business plans for companies resembling yours, then perhaps it might be a good idea.
But I tend to think that it's better for the entrepreneur to write his own business plan, then maybe validate it with experienced business people or investors (by the way, an MBA is not necessarily the best person to review your business plan; an entrepreneur who succeeded in your industry might be a better choice).
Why should you write your biz plan?
So that you can grasp and master the implications and issues involved in planning, running and growing your business.
I coach entrepreneurs on starting their own business, and I find that they learn better when they have to think seriously about the issues (and their interdependence). As they gain fluency in strategic thinking, they make better decisions.
Of course, if you totally master and thoroughly understand the competitive dynamics and the key success factors in your industry, and have launched successful businesses before, then it might be a good idea to "delegate" the business plan writing to another qualified person.
Good luck!