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January 10, 2007

The Case for Informal Business Plans

Did you know that 41% of Inc. Magazine’s 500 fastest growing private firms were started without a formal business plan? Did you also know that a recent study from Babson College found that businesses started without formal business plans were just as successful as those businesses started with formal plans?

Even if you did know those facts ... I recommend you read Kelly Spors highly interesting and very contrarian Wall Street Journal article on why the length of your business plans has no bearing on the success of a burgeoning business.

The findings in the article give credence to Guy Kawasaki’s ART OF THE START thinking that entrepreneurs should “stop typing and start prototyping.”


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