Starting a new venture? Don’t create a business plan!

The usual guidance when starting a new business / venture is to create a formal business plan and get all the details down on paper before you begin, which seems to make sense..

But as Cecilia Hegarty and Simon Bridge have shown in their brilliant book – Beyond the Business Plan a business plan isn’t the best option for someone starting out.

The argument is that a business plan is created for big businesses, advisors and funders and their needs but doesn’t ultimately aid new venture creation very well.

The alternative they offer is 10 different principles for new venture creation which you can check out in their book if you can get your hands on it.

More important for someone creating a new venture is to know who their customers are and to start selling in order to get feedback on their market offering.

This way no time or money is wasted that doesn’t need to be and you aren’t jumping through hoops for someone else trying to meet their targets and goals.

With the feedback you get from the market you can adjust your idea quickly and not remain wedded to the original idea you had and can use the strength of being an agile company to its utmost – don’t spend your time trying to be a small big business!

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