I attended an entrepreneurship development program about 7 years ago, where participants were required to come up with an idea, research the market, write a bankable business plan under the supervision of a business development specialist and defend your project before a panel at the end of the training. Majority of my classmates were employees and unemployed people. Only few of us had actually started a business at the time of attending. But everyone in that room was interested in starting or growing a business. During classes, we were often told that the business plan is like your Business Bible; your most-priced business tool, guiding you through your business journey and decisions.
About a year after the program, I decided to reach out to my course-mates to find out how they were doing with their businesses. I was shocked to discover a common pattern; those of us who already had a business before attending the program were still in business but almost everyone who had no business before the program were yet to start one.
It’s hard to reach a conclusion on this experience alone, but in this video you will learn why you don’t need a formal business plan to start a business and what you need instead. Before we get to it, be sure to subscribe to After School Africa for more insightful videos like.
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