ESYB2 035 - Business Planning Introduction
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[00:00:00] With this video, I want to introduce the upcoming section of the course, which is going to be about how to create a business plan. Now, you don't have to actually write an official business plan. In almost all cases, you don't need to, but you must be able to think through your business strategy. That's going to be the value of the section that's coming up.

Can you write your business plan? You're welcome to. The way this section is going to be structured. Is that as you go through every video, you'll be able to write a different part of your business plan and begin to think through a different part of your strategy so you can write it. You don't have to write it.

I actually don't recommend that you write it. At least not a formal official one, but I do recommend you use it to give yourself a stronger strategy. So, make sure you do not get stuck writing it for too long. That's not a requirement, that's not the point. The point is that you identify problems early.

Proper business planning [00:01:00] and thinking through strategies helps you find problems early. When you find problems early, they are very cheap to fix. When you don't find them, they're very expensive to fix. They cause you tremendous problems later on. They don't go away. The way you make them go away is you identify them during your planning phase before you start and you adjust your business strategy.

That's really the value of business planning. So use the upcoming section to understand greater strategy ideas to make yourself more fluent in thinking through different options at different times. Especially if it's your first time starting a business, you need to gain more of a context of everything that goes into starting a business and having a business plan will certainly help you understand the ins and outs of all the things you need to think through.

And that will be the ideal way to approach the upcoming videos.

