Now Independent Street brings news of a new study--this from the Small Business Administration's Office of Advocacy--that found another trick to start-up success: have a plan.
More precisely, having a business plan will not necessarily ensure that you ultimately accomplish more with your start-up. But, the study found, those entrepreneurs with business plans accomplished more early on than those that did not, which is in turn an advantage in seeing how good your business's prospects are.
"Our findings indicate that early formal planners are doers," the researchers write. "We believe that "challenging prospective entrepreneurs to accomplish a formal business plan early in the venture creation process will likely enable them to engage in additional start-up behaviors that could further the process of business creation. By engaging in venture creation activities earlier rather than later, prospective investors and other venture supporters might ascertain earlier whether a fledgling idea has potential as an ongoing business."
So what's your plan?
American Express OPEN brings you the latest insights from noted business authors and experts in our special promotion with Slate BizBox.