The fallacy of the perfect business plan

Master List of Logical Fallacies Fallacies are fake or deceptive arguments, "junk cognition," that is, arguments that seem irrefutable but prove nothing.

The fallacy of the perfect business plan

The traditional business plan isn't the only way to make projections about your business idea. Conventional business wisdom says the first thing you must do is create a page business plan, which is a formal statement of business goals, reasons they are attainable, size of the opportunity, the solution that the new venture will provide and lots of financial projections.

This decades-old formula is done way before the startups starts selling anything and rarely survives first contact with customers. So why bother with the over-elaborate business plan? They are basically a research exercise written in isolation at a kitchen table based on assumptions to figure out market known unknowns and unknown unknowns.

Alternatively, you could go the Lean Startup way. The Lean Startup is an approach being adopted across the globe, changing the way companies are built and new products are launched.

This approach relies on figuring out the problem that needs to be solved and then developing a minimum viable product MVP to begin the process of learning as quickly as possible.

Once the MVP is established, a startup can focus on building and fine tuning the product.

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Only then will they get substantial feedback from customers to test their hypotheses, which will hopefully improve their success. Embracing this validated learning approach allows startups to reduce the product development process and reduce risk.

If you are think of starting a business check it out. Gordon Whitehead is the president of the Lunaticks Society.Why the Lean Start-Up Changes Everything.

The Fallacy of the Perfect Business Plan. And the business plan competitions that have been a celebrated part of the MBA experience for over a.

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When the first business plan is drawn up, it all looks so straightforward on paper – the ultimate purpose of the business, sitting atop the organizational pyramid, trickles down into the strategic, tactical and operational approaches of the business, all aligned in perfect harmony.

Developing an Effective Business Plan Elizabeth Wykpisz, RN Chief Nursing Officer. Saint Peter’s University Hospital.

Fallacy of the Perfect Business Plan • Static document, • Size of an opportunity, • The problem to be solved, • Solution the new venture will provide.

the fallacy of the perfect business plan

Instead of launching your business and getting new customers, you’re still tinkering with the website, graphic design and changing details of your 50 page business plan—your pursuit of the perfect product, website and business has completely paralyzed you. Why the Lean Start-Up Changes Everything.

The Fallacy of the Perfect Business Plan. And the business plan competitions that have been a celebrated part of the MBA experience for over a.

GORDON WHITEHEAD: Fallacy of the perfect business plan | Newcastle Herald