Do you have to create a business plan before starting the actual business?

Starting a business vs. working for someone else?

• Hello. I just got my MBA from harvard business school, got my undergrad from Cornell, and have taken many business management courses. I currently have job offer at Boston Consulting Group as a consultant. I will be working in NYC, and I get to travel every week (I love business travel.). I would love to retire young and very rich. I would like to have my own family, a mansion, and a luxury apartment in NYC. So far, i would like my career to be as follows. 1. I would work as a consultant at BCG for 10 years. Each year, I would be making a six figure salary. 2. After ten years, I would still be with the company and hopefully be promoted to partner ( this company has great job growth rate). 3. I would stay and be partner for 5 years making 1 plus million dollars a year. 4. After five years as partner, I would take my skills I learned from BCG (management consulting, business management), and apply for a senior management position at a fortune 500 company specializing in media such as viacom international (MTV, vh1 , paramount pictures, etc.). After some time at the company, I would hopefully be promoted to an executive level and hopefully make multi millions a year, until I retire at around age 55. I know these are big goals, but they are my goals. Now for the question..... I also have an entrepreneur spirit. I would like to start an online company. The company would be a consulting firm that consults clients regarding their websites, web companies, etc. I am great at determining what a website needs to do in order go achieve certain goals ( revenue growth, target market, marketing, turn over rates). Currently, not to many companies do this, and I would like to fill the gap. Or at least, I would like to create a site where users could post a snapshot of their website and post info on what they want to achieved from there sites. Then other users could review there sites, and give the user some tips. The user who gave the other user tips would receive points which could be redeemed for cash. However, I would make money by selling points to users to post there website on our site. If no one posted on someones site within a month, the user could get refunded or keep the points for later use. Many people tell me that in order to get rich, you need to study hard, get good grades, go to a good college, get a good job, and make your way up the corporate ladder. That is one of my options. And it is a proven way to become very rich. I have the grades, I have the great colleges on my resume, I have a six figure starting job already being offered to me, and I plan on climbing the corporate ladder and achieve wealth and knowledge a long the way. Other people say you should quit your job, start a company, work your own hours, and make as much money as you want. However, starting your own business has huge risk, huge potential loss, and has huge start up costs. However if you do it correctly, you could make many millions. What are your suggestions? Should I go for my career path as planned and climb the corporate ladder to riches, or should I start my own company with risk and hopefully get rich? Some of you might suggest to do the company on the side, however I don't have time due to the many hours of working at an consulting firm. For some people who are making low income at their jobs, I can see and agree that they should quit and start their own business. But with me, with potential career posit s that could make me millions, I am not sure if I should stick with a job, or venture off into my own company?

• Answer:

  I don't know if you have considered God in your plans or not but you should not leave Him out. God has control over life and death. Ask the Lord Jesus Christ to come into your heart and you will prosper with His Guidance.