An Excellent Business Plan Does Not Guarantee Success
Looking back, I am amazed at how many times I’ve jumped into a new business completely clueless. For me, this ended up being a good thing. Did I have an exit strategy? No way! Was I able to follow my business plan to a T? Definitely not. As I was learning, my business plan kept evolving.
I didn’t know it at the time, but the fact that my business plan was constantly evolving played a huge role in my successes. There were failures too, of course.
The fact is, in business and in life, you never know what is going to happen, especially in an economy that is constantly in flux. In that sense, treating your business plan as though it is set in stone is detrimental to your ability to succeed.
In the clip from my interview with Cornell University below, I talk about the four stages of learning and how they apply to entrepreneurs, as well as how a set business plan can actually cause your business to fail.