As an entrepreneur, you should know by now that the first step to starting a business with the potential of success is data and research. The next step is to create a business plan. Filling it with statistics, projections, achievable milestones, deadlines, and plenty of industry-specific jargon is a must. This is how business plans have always been approached; however, what if there was a different way? What if you could achieve success by burning the traditional business plan?
A no-plan approach to business and startups may seem crazy; however, it may be a better idea than it seems at first. Keep reading to learn more.
The Concept of Planning
Everyone plans. It is a natural part of day to day life. For example, if you were to say, “tomorrow, I’m going to the gym,” you have made a plan. You will have kids, purchase a new house, a new car, give up smoking – all plans. Planning is endemic.
However, there is more of a ritual around business plans. It seems like it is something you have to do to get started, which is not necessarily the case. For example, the founders of some of the world’s biggest companies, such as Uber, Google, Microsoft, Facebook, and Apple, did not have business plans.
While business plans can be useful, they are not absolutely necessary. This is something that each entrepreneur must figure out for themselves.
The Problem with Business Planning
One of the biggest issues with business planning is that you have a calendar in front of you. A formal business plan involves a calendar, so you need a certain amount of money and hit certain milestones by a specific date.
These types of calendars do not work well in the modern business environment – anyone who operates a business is aware of this. You have to take a more realistic approach to time. You are just jumping off, and you cannot be sure where the journey will go or take you. Without a business plan, you can grow and succeed based on the business’s growth.
Building a Business without a Business Plan
As you can see, there are several steps you can take to help ensure you build a business with the potential for success. However, this may or may not include a business plan. For most entrepreneurs, it is something they have to figure out for themselves. Being informed is the best way to achieve business success – with or without a plan.
