From my experience, knowing where the money is going to come from is more important. After all, there's no point in providing value if there's no income coming from that value. Not to mention the fact that it's almost impossible to identify value without knowing who is buying and what they are buying.
Having said that I agree with your points, Chip.
Hal, I disagree that the business plan needs to be formal. The only reason that you need a formal business plan is if you are dealing with the bank or another outsider. Your business plan does, however, need to be complete and recorded (reviewable actually).
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