— often conducting extensive research before launching or investing in a business. For him, the key is to leave it"open for change," so you can adapt when your original plan starts to go awry.
Richard Branson, another billionaire, is also known as a huge proponent of writing down his business plans."A business plan doesn't have to be a lengthy, well-thought-out proposal,"."it can be as simple as some notes in a notebook, or a scribble on the back of an envelope." Branson added that you shouldn't need to wait to have a formal, perfected plan to get started — an idea also championed by other billionaire entrepreneurs like Meta co-founder Mark Zuckerberg and LinkedIn co-founder Reid Hoffman,Instead of writing a business plan, Musk said, aspiring entrepreneurs should ask themselves some simple questions before getting started.