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Even the thought of
starting a business is daunting. When you finally muster up the courage to take
the first step, test the waters, it is easy to be weighed down by pieces of
advice from all over the place, most of these from people, who have already done
what you set out to do, is logical and helpful but some can pull you under.
One of these is
having a solid, well-detailed business plan. Having a plan is necessary and one
of the crucial steps, everyone agrees on that. What I have a problem with is
the advice that you need to have a solid plan for everything, a market
strategy, product strategy, competitor analysis, financial projections, and all
that comes with it.
This can discourage
someone before they even begin or worse take up all their initial meager
resources into doing this, leading them to drop their plan altogether.
The market is dynamic, your plan is not
When plans are
created, by people who are starting, they are most of the times created in the
moment – taking into account the present scenario or the near future scenario.
The market for businesses is dynamic and changes occur rapidly, the document
becomes useless after a point of time. Sticking to it can be a cause of
failure, so, micro-details won’t be of significant help anyway.
Business Plans take up a lot of time
It’s easier to get lost in creating the perfect document and have as much detail as possible to show possible investors how serious you are, but it doesn’t work that way. The hefty document is most likely going to bore your investors. Spending a lot of energy also makes you somewhat delusional that completing it brings you closer to starting your business. When you finish it, the bubble bursts that you are still where you were with a lengthy proposal that is primarily for yourself.
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