Do Start-Ups Really Need Formal Business Plans? (StartupJournal.com)

"The critics of formal planning contend that it runs counter to what's at the heart of the entrepreneurial spirit: the ability to learn and adapt through experience. And there's a growing body of research supporting the notion that formal planning may not make much difference."

"The most compelling reason to write a formal business plan, even critics agree, is when seeking venture capital or angel investors. But only roughly 55,000 of about four million start-ups each year get that money. And even then, the merits of having a lengthy business plan may be overblown."