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Babson College, Business planning, Business plans, Dr. Luke Pittaway, Kauffman Foundation

Dr. Luke Pittaway’s latest Business in Savannah Column is published on the role of business plans in entrepreneurship education and for entrepreneurs.  In the Dean’s Update the article was featured by Ron Shiffler,

Is the business plan dead for entrepreneurs?  Luke Pittaway, William Freeman chair of free enterprise, tackles this question in his Eagle Executive Briefings column titled “Defending today’s business plan.”

A spokesperson at the Kauffman Foundation questions the utility of the formal business plan and, according to experts at Babson College, “… entrepreneurs rarely develop business plans and … business plans once developed do not represent the reality of running the business.”

While acknowledging those different points of view, Luke writes:

“Even when there is little connection between the original plan and reality, the merits of planning for an entrepreneur have value and they deserve more recognition.”

He goes on to cite about 10 useful outcomes associated with the planning process, which typically produces a business plan.

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