People considering entrepreneurship often ask me if they need a business plan. My answer is, yes, you should have one. My caveat is that it will probably be complete bullshit. Yep, lots of business plans that are full of optimistic bullshit, and that’s true whether they are drawn up by a one-person company or by a team at a multi-billion-dollar conglomerate.
MrB’s favorite example of a big-company bullshit plan is a global brand that decides to sell toothpaste in China. There’s over a billion people in China; that’s a lot of teeth! Even if brand captured just a fraction of the market, it would be huge. And there’s no reason why people wouldn’t be drawn to THIS brand … except for the fact that local companies are more in tune with local tastes.
In this week’s video, I talk about the ways business plans can truly help you; the situations where you definitely need them; their limitations; and what kind of bullshit you should put in them.