We’ve all wondered if a business plan actually makes sense.
I didn’t do a thorough business plan for my first serious startup and it flopped, in ways I was not expecting it to. My justification for not taking the time to do it, was that it was all in my head and we didn’t need it because we were all aware of the financial milestones ahead, but I did not take into consideration that my two business partners weren’t psychic (neither were the employees) and probably needed validation that the idea would really work. Six months and six clients later, the partnership broke up, and the remaining two founders had no plan to keep us grounded and focused in the chaos and stress. So, we spiralled out of control until we hit ground bottom. And then we did a business plan.
But, how important is business planning?