.Unless you have a deep pockets or has the support of rich relatives, it is critical to prepare a detailed, well-thought out plan.
This is especially true if you are looking for investors. Investors will not give your business the capital it needs if they don’t see any solid plans. You can’t just wake up one day and decide that you want to start a business, without thinking through it and preparing a way to successfully launch it and make it grow.
According to Kathy Gendel , creator of the undergarments line called Breezies Intimates, in an interview from the book Secrets of Millionaire Moms: Learn How They Turned Great Ideas Into Booming Businesses said:
An entrepreneurial business is not a business where you can wing it or just fly by the seat of your pants. If you’ve got a lot of money, everyone wants to give you money. If you don’t have any money, no one wants to give you a dime. Always plan for those rainy days.