Do You Really Need a Business Plan?

As an independent artist, you may have larger dreams involving your music career. You may want to start your own record label, management company or other entertainment based entity. These options raise a very important question, “Do you really need a business plan?”

There are two answers to that polarizing question. Many emphatically say that you need a business plan in order to achieve the goals you desire, while there are others who do not think business plans are a requirement for a successful business. We will explore both options to this important question in hopes that you will do what is best for your particular business needs.

Dr. Steven Gedeon follows the more traditional thought process in believing that a business plan is vital to a company’s success. Dr. Gedeon teaches entrepreneurship on various levels and has been granted many awards for his knowledge and work in business. According to Arthur Richardson, Gedeon believes the most important aspect of a business plan is the knowledge of what your business is and who you are selling to. Gedeon believes that true entrepreneurs have a different relationship with reality because they see opportunity differently.

This YouTube video is a clip of a short presentation given by Dr. Gedeon on business plans and entrepreneurship. 

Chuck Blakeman offers a completely different option to new business owners. He essentially believes in the “trial and error” approach. According to Loreal Hartwell, Blakeman believes that time is wasted creating a business plan. He urges new business owners to use that time actually building their companies, and to make needed changes as necessary as time goes on. Blakeman is quoted as saying, “Implement now, perfect as you go.” While Dr. Gedeon encourages planning for the future and mapping out how to execute your plan, according to an article on Blakeman’s website, “How” is the absolute worst question you can ask when planning for your future business. It should only be asked for short-term goals rather than long-term business plans.

What are your thoughts? Which option do you feel would work best for you?

References:
http://youtu.be/JyQiJd2CrPQ
http://chuckblakeman.com/2012/8/texts/how-the-worst-most-asked-planning-question
http://chuckblakeman.com/2013/11/texts/giving-responsibility-vs-giving-tasks
http://www.stevegedeon.com/bio-and-cv/
http://bpexpertviews.blogspot.com
http://www.entrepreneur.com/article/38290