Learning Objectives

9-1: Examine “planning” from an entrepreneurial perspective.

From an entrepreneurial perspective, planning helps clarify the entrepreneurial vision and helps the entrepreneur articulate where the business is going and how it can succeed. Entrepreneurs can use alternative planning methods, including simplified plans, planning with preparation, and planning with imagination.

9-2: Define TRIM and explain its importance to entrepreneurial planning.

The TRIM framework (Team, Resources, Idea, Market) lists the most important questions that must be addressed in any type of entrepreneurial planning.

9-3: Explain the different types of plans used by entrepreneurs.

Different types of plans include back of a napkin, sketches on a page, the business model canvas, the business brief, the feasibility study, the pitch deck, and the business plan.

9-4: Debate the value of writing business plans.

Experts disagree on the value of spending the time writing a business plan. Some see a business plan as complex, time-consuming, and based on untested assumptions; while others believe it is a useful way to crystallize and organize ideas. Formal business plans have their place, but they may not necessarily be relevant to the new entrepreneur.

9-5: Implement the tips for writing business plans. 

Some tips for writing business plans include: using visuals; removing any fluff; avoiding typos, grammatical mistakes, and inconsistencies; avoiding the exaggerated hockey stick; and being realistic.