What do you do if your new entrepreneurial career lacks a solid business plan?

In my experience as an investor, I've seen many fantastic ideas fail due to a lack of initial planning. A detailed business plan can come later. Here's what I recommend: Focus on market validation first. Is there a real need for your product or service? Talk to potential customers, gather feedback, and refine your concept based on their pain points. Build an MVP. This is a basic functional version of your idea that allows you to test core features with real users. It's cost-effective and helps you modify quickly based on user feedback. This approach allows you to gather crucial data and gain traction before diving into a complex business plan. Once you have a validated concept and user insights, crafting a strong plan becomes much easier.

Starting a business is the ultimate expression of the old saying 'Strong opinions, loosely held'. I've heard that attributed to both a president and Jeff Bezos, so either way it's in good company. Without a plan, you're running into the fog like a lunatic, no sense whether you're headed in circles or charging towards the light. However young businesses are permanently changing and generally doing their best to die. If you don't rapidly tear up the plan and write a new one when the evidence suggests it's time, you're in trouble. That can happen a couple of times within a day, but when the plan once again fits the situation stop writing and get back to rowing.

When you realise your business doesn't have a clear plan, the first thing to do is look at what you've got. That means checking out your product or service, understanding the market, seeing what resources you have, and looking at any research you've done. It's important to be honest about where you're at and what's missing. You need to know the risks before you move forward without a plan. This honest look helps you build a solid business plan that'll guide your venture to success.

When confronted with the absence of a solid business plan in your entrepreneurial journey, it's crucial to embrace the reality and embark on a comprehensive assessment. Take a deep dive into your current standing, exploring the intricacies of your offering, market insights, available resources, and the extent of your research. Embrace a candid understanding of the existing gaps and the associated risks. This introspective analysis serves as the bedrock for charting a resilient business plan, essential for navigating your venture towards sustainable success.

Is your business plan basically a doodle on a cocktail napkin? Fear not, entrepreneur extraordinaire! Channel your inner pirate: forget a stuffy plan, grab a napkin and map your course to riches (minus the doubloons, those are for actual pirates). Think of it as a recipe, not a Shakespearean sonnet: nobody needs fancy jargon, just the key ingredients to make your business a success story (minus the pigeon marketing, please). Remember, a plan is your compass, not an anchor. So grab a napkin, scribble your dreams, and set sail!

Look into your target market, who your competitors are, and what's happening in your industry. Knowing these things helps you figure out what makes your business special and where you can grow. Talk to possible customers too, so you can understand what they want. All this info will really help as you start planning out how to run your business.

In many ways writing your business plan is the simple bit, brining it to life and delivery is the fun, but challenging task. Therefore you might consider not being too ambitious in the first year or do. Understate and over deliver is an approach you might want to adopt . Achieving your plan feels great, not achieving it sucks. If you are growing your business organically, consider having essential info only. Top level KPIs, budget, SWOT only. There is tonnes more you can populate in your plan, but for an orangic start up be ruthless. Less is often more

Many stakeholders, investors and colleagues will want to see your plan. So consider it in a sequence to keep your reader engaged. Think of it as a Best Selling Novel. Structure it logically, take the reader on a journey so when they reach the end, they want to help you, invest in you or buy from you. Finally you might consider getting as much feedback as possible when you pull it all together and consider making it a visual read.

As an entrepreneur you need to recognise that this will only ever be your best guess. Yes, based on your market assessment and intel gathering, but at some point you need to commit to a plan. A plan with numbers. An estimate of market share etc. Structure your business plan so you understand what the key levers are for your business. Accept the plan will be wrong. They all are! But you need to own and understand the numbers. Understand the levers. Understand the trigger points for key decisions. Understand the cash. Cash is King! You cannot completely delegate the numbers. As an entrepreneur you need to understand them attract investment and to drive the right strategic decisions for you and your team.

When you're making your plan, you need to set goals and figure out how to reach them. Think about what you want to achieve soon and what you want in the long run. Also, consider what you'll need to get there. This part of planning helps you concentrate on what you really need to make your business last. It's also a chance to get creative and find ways to stand out from other businesses like yours.

Every business plan needs a logical delivery sequence, with clear and measurable objectivies or KPIs. Its often best to start with your overall vision, then define the steps to achieve that vision. These steps then become your work plan. You may want to keep that in mind, as this will define your working pace. Give enough time for research and reflection, two things which do get overlooked

A pivotal part of your business blueprint is financial forecasting. It's crucial to craft realistic income forecasts and decode your cost framework, pinpointing your break-even point—when revenues match outgoings. Such forecasting doesn't just spotlight your venture's feasibility; it's a linchpin in mastering cash flow, a lifeline for any fledgling operation. 💡💼

You need to love numbers and live and breathe your budget forcasts. You will be ambitous, which is needed, but in the first couple of years you might consider thaming your enthusiam for income/sales until you have built up a track record. Big ticket items and people will be your largest investment Spend with care and only when you can truely afford to do so.

Crafting a clear action plan is crucial. Begin by setting short-term and long-term goals that are specific, measurable, achievable, relevant, and time-bound (SMART). Break these goals down into actionable steps, assigning deadlines and responsibilities for each task. Regularly review and adjust your plan based on progress and feedback. This action plan not only provides a roadmap for your entrepreneurial journey but also helps in identifying priorities, managing resources efficiently, and measuring success.

Yes you do need SMART goals, but remember to add in research, reflection and some team fun time. Remember its a journey to be enjoyed

It's ok not to have a solid business plan if you believe there is a good market size to capture. 1. Right Founder Skill Match 2. Market Sizing 3. Timing of the product Consider these to begin with..business plan will shape up with time.

Above all , Find Mentor ; which can help you with his past failures and success with experience and expertise which he/she has gathered in exchange of age . A mentor can show you right way to reach your desired destination bit earlier. And can help you in discovering skills . At the same time a mentor can eliminate some error / failure to come in the way of an entrepreneurial journey.

Above all , Find Mentor ; which can help you with his past failures and success with experience and expertise which he/she has gathered in exchange of age . A mentor can show you right way to reach your desired destination bit earlier. And can help you in discovering skills . At the same time a mentor can eliminate some error / failure to come in the way of an entrepreneurial journey.

Finding a Expert Mentor who would help you to Assist, Understanding the Market Pulse and Adapting the Strategies to Grow.. Redefining Your Structure / Team / Goals by Understanding the Customer Pain Points & Various Channels Business Plan Evolves while we keep adopting and start thinking from other side. We always stick to somethings / Fixed Mindset blocks us from thinking beyond, If we just think in different way it unveils various channels of Revenue for our Business Growth.