Mike, it sounds like you depend on our own financial resources when pursuing an opportunity as an entrepreneur. You also seem to have a fundamental understanding of the vital elements of a successful business (whether put in writing or not).
However, the truth of the matter is that you do have a business plan. Yours is just in a different format than most others.
Having said that, I would probably not generalize the notion that “business plans are just a waste of time”, as most entrepreneurs do not share your experience, access to financial resources, and ability to pitch their concepts in a clear, concentrated, and realistic manner.
Over the last decade I have worked with many entrepreneurs that wanted to develop a traditional business plan because they recognized this process as an opportunity to refine their ideas, evaluate new strategies, and gain the support of financial backers.
Given, that some of these entrepreneurs have turned their vision into public companies, I don’t think that developing a traditional business plan was a waste of their time.
Advanced Document Design for entrepreneurs, intermediaries, and the financial services industry.