Tim DraperFounder and Managing Partne, Draper Associate · I back the ideas that look crazy first

Steve Blank on Business Plans

17 Aug 2023 · 1 min

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Steve Blank argues that business plans are useful for organizing your thinking but almost always wrong in the details. Startups need to learn from actual customer contact, not rigidly execute an initial plan.

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No business plan survives first contact with customers. It's a big idea. Business plan is a document that you write with vision and passion, and in fact is almost always wrong. It's a wonderful organizing document. Think about team, forces you to do some research, but the mistake we've made for decades is believing that as soon as you get money, all you need to do is execute the plan. And that's a fatal error. In fact, most successful startups, almost all of them, don't end up as per their business plan.