Are universities out of touch with reality

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Now that we are starting the second module concerning the business plan, I would like to discuss the value of the business plan. Many successful businesses have started with no more than an idea or a business plan on the back of an envelope. Research has also indicated that a business plan is not always necessary. I have, however, researched many entrepreneurship courses and programs from many of the premier universities in the United States and the world and all have business plan writing somewhere in the curriculum. Why? Are business plans really necessary? What value do they provide? Are universities out of touch with reality?

Note: Many think that a well-developed business model is all that is necessary to launch unless external financing is needed. The Business Model Canvas is the most popular business model development tool. In fact, many Small Business Development Center business advisors use the canvas as the starting point with new clients.

Reference no: EM132302470

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