You’re the Key
I’ve written before that startup leaders should ignore the advice to write a long, formal business plan. Important eventually, probably, but certainly not at first.
That’s why I was glad to see two folks with much more experience than me with startups write an article on just this topic and discuss what’s more important in Harvard Business Review.
Cheryl Dorsey, CEO of Echoing Green, and her colleague, Rich Leimsider, write:
“Would you take a look at my business plan?”
Some member of our staff at Echoing Green, an angel investor and grantmaker in social enterprise, hears this request every week. And we are often happy to review these start-up plans — which include the typical elements such as a product description, competitive analysis, estimate of market size, and projected financials. But we are interested in much more than these traditional plans. We use other criteria to find new people and ideas that can create large-scale social change.
In short, the business plan is overrated.
They go on to explain what is most important.