OMG – What’s My Plan?
May 18, 2008 by Alejandro Reyes
Filed under Business
Have you ever asked yourself that question? What’s my plan? I’m talking about your business plan or your plan to become a young entrepreneur.
You’re either in 2 situations. One, you’re someone that is looking to get into entrepreneurship or Two, you’re a young entrepreneur trying to make things happen out there.
Another very important step to becoming an entrepreneur is to make sure you have a plan. Listen, if you fail to plan, you plan to fail. It’s as simple as that. Its almost like packing your bags for a trip, making sure that you have everything ready to go, then you get in the car, and haven’t even decided where you’re going. You have no roadmap. Do you have a roadmap?
If you were to go to a bank to take out a business loan, one of the first thing the bank is going to ask you is for your “Business Plan.” They would probably laugh at you if you didn’t have your business plan in place. There’s no different for an entrepreneur, you’ve got to have your business plan in place or it’s going to be extremely tough for you to succeed as a young entrepreneur.
Don’t just go with the flow, write your business plan out, get some of your mentors to take a look at it, and always remember your reason WHY when creating that business plan.
Be ambitious, be realistic & at times unrealistic. Good luck with your business plan and if there’s any questions you have, post them here and I’d love to help you with your business plan in any way I can.















Formulation of Business plans includes three basic steps
1st is the IDEA – you start a business when you have an IDEA. Most business plans stop at this for your entrepreneurs. Don’t stop at the thought “OH What a Good Idea I have for generating income”. Most of the times when to delve deeper you realise that somewhere there is a catch and the idea is not feasible
2nd GO IN DETAILS – Now you know your idea is a feasible and sell able. You need to plan each and everything especially the expenditure – how many ppl reqd, how much rent I need to pay etc. Now increase that by 20% and reduce your revenue projections by 20%. Now you have come to a realistic picture
3rd PLAN FOR CASH FLOW – most of great ideas die unnatural death for lack of cash flow. So plan for that meticulously
Regards,
CA Ashish Ahuja, FCA
A Roaming Blogger and a CA
Indian Chartered Accountants New Delhi India
Company Formation India Private Limited