As an MBA student I am constantly asked to make plans. Plan your career development, plan this company’s growth strategy, create a business plan. These plans are far too often created as static documents that dictate future action.
Derek Silvers’ blog post “Let pedestrians define the walkways” suggests an alternative to planning. With the simple statement “we’re at our dumbest at the beginning, and at our smartest at the end,” Mr. Silvers suggests startups should:
DO > REFLECT > LEARN
If you’re an entrepreneur hoping to score VC/PE financing, how about relaying a DID > REFLECTED > LEARNED story in your next pitch? Let us know how it goes.
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Excellent insight. If you had £100k to £1m (or more) to invest wouldn’t you want to back an outfit that adapts, fast? The traditional business plan is a vehicle for illustrating (to ourselves) how little we know – and that’s useful. To learn by doing is arguably the best and fastest way to scale up. Good observation as well regarding IP. Thank you.