When I was in college, we were required to take a business class (Business 101) that mandated a finished business plan as part of the project.

It had to be long, in-depth, and include everything you mentioned.

I was incredibly surprised when I entered the tech and startup workforce that these were generally absent.

I had misunderstood the class and instructor and thought that you couldn't even start a business without one.

Then, when I started raising money for my own venture, I thought for sure a complete business plan was a prerequisite.

Nope. A few graphs, preferably hockey-shaped, and a good story were all that was necessary.

My venture failed, of course. But if I were to do it again, I would do myself the favor of having a complete plan. It would definitely save a lot of headaches and guessing in the moment.

There is some great irony that you can have a flashy app with good user growth, and get a chunk of cash from a vc firm. But if you want to get a loan from a Bank to open a restaurant you best have a business plan.