Writing a Business Plan Makes Your Startup More Likely to SucceedJuly 31, 2017
When asked about an opponent’s plan for their impending fight, former world heavyweight champion Mike Tyson once said: “Everyone has a plan until they get punched in the mouth.”
It is a school of thought now fashionable in entrepreneurship circles. Advocates of “learning by doing” approaches such as the lean startup say it is better to act, improvise, and pivot than to waste time and resources on a 20-page plan that won’t survive first contact with the customer.
In stark contrast, the “purposive planning” approach advises that a plan helps usefully map out, organize, and direct the startup. A plan answers central questions such as “Where are we know?” “Where do we want to get to?” and “How are we going to get there?”