Is just having a business plan good enough for generating funds or getting funded, well its not the right way of looking, yes you need business plan but it is not the only factor which will bring in funds.
Just having business plan will not bring in funds as the concept is just looking good on excel sheet or well made glamour presentation where in beautiful showing graphs which are shown and market size, total addressable market (TAM), serviceable market and all the images are presented and backed up with excel file which will show the sales forecast and assumptions as just 0.1% of the market is what we are trying to capture and the company will become break even.
Fine all this is essential where in it gives clarity of what’s happening, but the actual point is getting the idea or concept to ground reality and being accepted in market.
Its like a writer having a story with him and feels that his story is the best until it is produced and in the form of novel or movie and people like the novel or movie and appreciate is when the movie of the novel becomes hit and famous.
Yes its myth that having business plan is good enough for raising funds with out it being tested in the market.