A fully-polished business plan may be a waste of time, but it is definitely useful to put together financial projections for a couple years in the future. Espe

A fully-polished business plan may be a waste of time, but it is definitely useful to put together financial projections for a couple years in the future. Especially for a social networking website. If his only revenue stream is advertising, he'll quickly learn how many pagviews and users he'll need in order to make money. If he does research into it and finds out what the average CPM, PV/visitor, etc. are, then he'll learn a lot and maybe change strategies. A few days worth of research and planning are worthwhile if it can prevent wasted development time.