THWUMP: Your 80-page masterpiece plops on the table.
If you are referring to your business plan, you’ve fallen into one or more of the following #entrepreneurfail traps:
- Assuming that quality and quantity are the same thing
- Babbling because you are just not focused on one idea or clearly identified your customer
- Assuming that if it looked like a book, the business plan would sell itself!
- Not realizing your plan won’t stay the same when you actually start launching and executing
- Forgetting that its a constantly changing document that will re-mold itself a million times in the future
In a nutshell, the purpose of a business plan is to succinctly yet thoroughly provide an overview of your product, value proposition, business model, and the steps to get there. Far too many entrepreneurs assume that it is a document to brain-dump every possible marketing strategy and list all possible revenue-generators for your business.
On the surface, a long business plan may seem weighty and powerful, but you should be aiming for a fluff-to-stuff ratio of 0:1. The business plan needs to be actionable and focus on priorities. I’ve mentored some entrants in a business plan competition, and inevitably, the more direct and concisely thought-through business plans signaled a cohesive team and a concrete strategy.
The longer the business plan, the more likely:
- No one is going to read it so say good-bye to chances of investment
- Your customer has sailed away on another ship or the needs have changed by the time you launch
- A competitive company has already launched by the time you finish the plan
In fact, if you are not seeking immediate investment, we used and liked the one-page business plan by Chris Guillebeau. It has all the key elements, its not overwhelming, and it gives you enough to get started.
Did you create a business plan when you first launched your business? Tell us about it in the comments below.
Find out about the stupid things entrepreneurs do by signing up at https://www.entrepreneurfail.com.
Vikram Parekh
Just signed up. Great messaging. Can you look at making other collectibles of it (T-Shirts, Wall Posters, Mugs etc.)
Kriti B Vichare
Glad you enjoyed it Vikram!
Launching merchandise and a book of never-before-published comics by the end of the year! Stay tuned…
Any feedback is always welcome.
Alok Rodinhood Kejriwal
10 slides max. Deal typically happens during the 4th slide 🙂
Kriti B Vichare
🙂 And it takes 7 seconds to make a first impression! So if you lose them in those 7 seconds, you’ve lost them for good!
Darshan Bhambiru
Rest is called Debate and Discussion!! Do You Like Coffee or Tea ?
Kriti B Vichare
Great response! “As long as it needs to be” 🙂