Second week, second post (in the entrepreneurship series!). A lot of us have started projects on a whim, we have an idea and we immediately start to try and make it a reality. Some of us take an idea and create a formal business plan and try and figure out whether it's feasible. When do you just go for it and when do you try and formally present it? It seems to me that the most common reason for creating a business plan is to get capital for it. What the advantages and disadvantages for the small guys bootstrapping or somehow getting funding for themselves for planning it out and doing such research? Do you think it kills ideas which might have worked? I am keen to hear people's view on the subject. Perhaps even list which projects they planned out carefully and which they went with their gut instincts and do you have any tips on which way you behave when or is it simply gut instinct?
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