Question: Most successful entrepreneurs I know tell me that business plans are a waste of time. Do you agree?
Question: Most successful entrepreneurs I know tell me that business plans are a waste of time. Do you agree?
Question: Most successful entrepreneurs I know tell me that business plans are a waste of time. Do you agree?
Question: Most successful entrepreneurs I know tell me that business plans are a waste of time. Do you agree?
No, Business Plans Help You Grow
"Did I need a business plan to start my company? No. I needed a revenue model and a valuable exchange. But now that my business is taking off, I work on my plan to define a path for my company to grow. If it were two pages, I couldn't sleep at night. My plan isn't set in stone. It will evolve every day with enough data to give me confidence that I took the time to poke holes in my ego."
@robsetsail
No, but the Market Changes Constantly
"Plans are static and unchanging. Unfortunately, your business is not. As soon as something changes in the market or with your business, you'll likely have to throw your plans away. Instead of coming up with detailed plans, focus on planning a few small things to execute on. If outside circumstances change, you can easily pivot your focus to account for the change."
@wadefoster
No, Roadmaps Are Important
"I teach entrepreneurship at a local university and tell my students that business plans are very important, just like a map is if you are traveling in a foreign country. However, it's very important to start the journey. If not, the map (or business plan for that matter) is useless."
@aatanacio
No, the Destination Must Be Clear
"No, but what's the saying? “Men make plans to make God laugh.” Remember that all plans are provisional. Crises and opportunities -- both by definition unforeseen -- will crop up when you least expect them. As long as you are clear on the destination -- your ultimate goal -- you feel a real freedom to call an audible along the way."
@dannyboice
Yes, Big Business Plans Aren't Useful
"I've never had a big business plan. You know the plans I'm talking about: the ones you write to secure funding with a traditional bank, for example. But I do believe in good business planning. The difference is that I don't sit and write out everything I need to know today, tomorrow and five years from now, but I do use daily, weekly and monthly plans to keep the business moving forward."
@erinblaskie
Yes, One-Page Plans Work Better
"Traditional business plans try to look out too far and guess on too many things. My preferred alternative is to have a one-page plan that illustrates your one, two and five-year goals on one side. On the other side, you can break down your one-year goal into milestones and action steps to the milestones that you’ll achieve within three months. Then, stop planning and start executing."
@deepskyco
Yes, Changes Happen too Often
"I hate business plans because of the fact that we are living in a very fast-paced commerce environment where things change too fast to really have a plan for that far ahead. That being said, putting together a basic business plan is not a waste of time."
@pablopalatnik
