Business Plan

At Upstarta meetings we’ve explored the concept of business plans.

In a “traditional” business, you need a business plan because a bank will require you to present one. Since an Upstarta doesn’t go to the bank for a loan or credit, we can re-assess what a business plan should look like to work for us, or even whether to have one at all.

What we concluded is that it’s useful to define your general direction, but the level of detail that a bank would require in certain aspects is not something you need to waste time on. You need to, as always, consider the possible¬†consequences¬†of decisions and structures you set up.

We also know that markets tend to find products, so an early plan (before entering the market) to market/sell a particular product will quickly be obsolete or look like total nonsense. So you plan to explore in a low-cost manner, maintaining flexibility. Make failing steps cheap and fast, to focus on avenues that are promising/viable.

Do you have examples of this from your own experience? We’d like to hear!