Being an entrepreneur isn’t about taking risks, it’s about…
Consumed => “Why Business Plans Don’t Work And “Pivoting” Is Nonsense” by Kathy Caprino on Forbes.
=> My value add (i.e., left a comment)…
To call a business plan a waste of time seems a bit heavy handed. True, once the front door opens and/or the website launches the relevance of its contents becomes less and less valuable.
However, there is, I believe, value in the process of pulling together a business plan. (Provided you understand that it’s the means, not the ends that matter.) If you don’t vet your idea then you’ll never know if the banker rejected you for being a “me too”, or it’s just a bad idea. Would one recommend to their son or daughter to do a book report without doing any research?
While I hate to say this, this is especially true for those making the transition from corporate (i.e., static) to entrepreneur (i.e., much more dynamic). That is, too often they’re not prepared and don’t quite understand what they are up against once they leave the safety of someone else’s name on their pay cheque.
Or put another way…
If you’re not prepared for the focus, diligence, commitment and time requirements of a business plan – lite version or otherwise – then chances are pretty good you’re not ready to captain your own ship.
I think we’d all agree, being an entrepreneur isn’t about taking risks. It’s about mitigating them. The *process* of developing a business plan helps you to develop the personal characteristics often necessary to succeed. The metal from the marathon, $15. The 26.2 step-after-step miles to get there? Priceless.
I agree. As a static plan, they’re crap. However, I’ve seen plenty of people who could have vetted themselves by doing a business plan.
p.s. #4 is great. Love it. Thanks.