WSJ writes:
Budding entrepreneurs can spend months, sometimes years, polishing elaborate 50- to 100-page business plans that include financial projections, market research, and intricate details on day-to-day planning and organization. But skeptics say there’s little concrete evidence that extensive planning is highly correlated to success.
A more practical approach, they say, for entrepreneurs who aren’t seeking external start-up financing from venture capitalists or angel investors, is to write a “back-of-the-envelope” plan with basic financial projections, such as cash flow, and fine-tune the business model after launching the business.
