Make sure your startup’s business plan serves as your launching point, not your set-in-stone roadmap.
Howard A. Tullman, President and CEO of Tribeca Flashpoint Media Arts Academy, writes in Inc. that the days of the business plan are numbered. “It won’t be long before young entrepreneurs skip the business plan altogether,” Tullman says, and he’d “rather be sent a demo URL or a prototype than a 50-page business plan [he] doesn’t have time to read.”
Tullman concedes that most startups will likely still need a business plan to get initial funding, but he warns that it can be a roadblock as much as it can be a roadmap. “Use a business plan as a tool and a starting point,” he recommends, but “trying to stick to a plan that was written in the past assumes that you’ve learned nothing since the time it was written,” and it limits your startup’s greatest asset: adaptability.