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Eric Feigenbaum started his career in print journalism, becoming editor-in-chief of "The Daily" of the University of Washington during college and afterward working at two major newspapers.
The technicalities and standard information that go into a business plan are easy enough to figure out, but there are other, more abstract things to consider before you put pen to paper.
Make sure you take the following five steps prior to drafting your business plan.
Williams' co-author, Alison Whybrow, said that this "compass" can be discovered by having an honest, open conversation with your team.
"One thing that a team might want to do is engage in a formal assessment process – looking at habits, beliefs, values and capability – so that they are working from a clear starting point and have a framework for discussion about working styles, strengths, and individual and collective blind spots," Whybrow said.
Government agencies in the position to approve or deny important permits or zoning might require a business plan for their review.
But as long as the business doesn't involve anyone else's money or approval, you can avoid a formal plan.
It can take time to figure out exactly what the optimal business model might be for an invention.
The inventors of Facebook, for example, didn't know how to make money off their invention for more than a year, even though they knew it had tremendous potential.
The problem, claims "Business Insider," was that Iridium developed a solution to a problem that was no longer an issue by the time Iridium launched.
In this case, a company which did everything by the book failed because its very professional plans constrained it from considering changing market forces. magazine, citing a Wells Fargo/Gallup survey in 2006, reported that only 31 percent of small business owners surveyed used a business plan.