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Things have changed., a business plan is still a must for some scenarios and some reasons.
Just because it is the status quo should never be a line in the vocabulary of a startup founder today.
Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment.
Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.
The other is more organizational an internal in nature.
If that’s all you need, and you don’t plan to raise money, apply for loans and don’t intend on bringing in partners, then you certainly don’t need a 25lb manuscript. In fact, Brian Chesky (found of Airbnb) is famous for his one-page business plan for global domination.
If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.
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If you want to get funded by David Mc Clure, then he says he wants to see “a functional product that people are using.
We look for functional prototypes and customer development and most importantly, scalability.