Writing a full business plan is a ton of work no doubt. If you are a student it could take 6 months or more to make a full plan. If you aren't seeking funding or don't want to create that full on business plan then what options do you have? I still think you should create a plan, just because it will be incredibly beneficial for your business, but there is a shortened business plan that you can create that will give insights into the industry and business you are looking to run without the time investment of a full plan. This shortened plan is known by many as a preliminary venture analysis. (called a PVA for short) A PVA give you the info needed to create a fairly quick decision on whether or not your business is feasible or if you have a smaller decision that needs to be made such as whether or not a new product line should be launched. A PVA is most comparable to the executive summary part of a full business plan. The big difference between the two is that to make a PVA you will spend a lot less time gathering information and researching. This means it will not have the same depth as an executive summary.
A PVA is quite useful to show to various organizations and to circulate around. It is sort of like a paper version of the Elevator pitch and there are several companies you can send PVA's too that review and circulate them so that you can hopefully find angel investors around the country. For business plan competitions with the right PVA's you can show them off to receive reviews or even funding if its good enough. By making a mini business plan you are saving yourself the time and effort needed to make a full on business plan but still have something concrete and real to show.
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