I have often heard that you need to write a business plan before you go out and "do it". Honestly, my feelings are a bit ambivalent about this. To me, writing a plan is necessary at a certain point but before you get there, you don't need a plan. Conducting a thorough market study seems downright retarded when you're engaging in something that's high-risk in the first place. How do you know if it's going to work or not until you start experimenting?
At a certain point, yes, it'll be a good idea to examine your competitors. This is especially true when you have a prototype of the developed product or service and actually want to start making $. But before you get to that stage, what's the point? Seems to me just like an empty dream without any content backing it up. What do you think?
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