Yes, you really can tear up those tedious five year business plans

I am loving this article from the HBR on Why The Lean Start Up Changes Everything . Proof enough for me that the five year plan and projections are pie in sky and only useful in the (former) Soviet Union and to Venture Capitalists.

The authors set out to demonstrate that you can plan start ups using the Business Model Canvas to sketch out your hypothesis, then listen to customers, and then follow up with quick, responsive development.

This approach isn’t just for new start ups, but also for innovation in existing companies, I am about to use the business model canvas this morning with a colleague to explore a new opportunity he has identified. We will use the process mapped out in the article, and see where it takes us!

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About stevewilliams1901

Social entrepreneur based in Australia.
This entry was posted in A Social Entrepreneurs Diary and tagged , , , , , . Bookmark the permalink.

One Response to Yes, you really can tear up those tedious five year business plans

  1. I really like the idea of starting a lean start-up. I began my own business as a sole-proprietor with almost no overhead or capital investment. It was lean for sure. But I’m so glad I didn’t needlessly take on debt right from the beginning for an office and staff I didn’t yet need. As for my 5-year plan – it’s more a general direction than a big binder that’s outlined in detail. For better or for worse, this is what works best for me.

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