How are things going with your new venture? I hope you are getting along fine. I am good too, despite having to work this weekend. Well, you know what they say about us entrepreneurs, "weekends are weekdays but our weekdays can be our weekends too, anytime".
To recap, in my last letter to you, I briefly mentioned about the need to follow your passion, to have the endurance, to be resourceful and to have an 'entrepreneurship plan'. We left off at how your business plan would fail you. Therefore, without further ado, I present to you lesson number 9.
Lesson 9. You Business Plan will fail you. What do they have in business plans? The important ones would be product description, target market, financial projection, swot analysis, competitor analysis, industry analysis, business model and marketing plan. And some people would produce 100 pages of this surefire plan and set off to build a business based on his plan. And one thing are 100% sure to happen: things would not go as planned. And even if you rigidly follow your plan, there is 90% chance your business will fail. No. It is not because you are not a smart planner, it is certainly not about your capabilities at all.
It is simply because the nature of the business plan. They are all a bunch of guesses and assumptions. Some might argue that it is an educated guess, but it is a guess nonetheless. And most of the assumptions are bound to go wrong. It could be overstated or understated.
But don't get me wrong. You must have a plan. But you must accept and be ready for the plan to fail and needing adjustments. That is the nature of a plan. It is its natural order of life. Have a plan and keep an eye out for feedbacks and be ready to make changes to your plan. Like the saying "roll with the punches", find ways to find the right plan; the plan that makes money.
And even when you have found the right way and are making money, do not take things for granted. Keep your ears to the ground, listen to the heartbeat of your business and competitors. Modify your plan if you have too.
My last piece of advice on this business plan thing is, keep it simple. 100 pages of business plan are for investors and bank. As for you, you must fit in on a piece of A4 paper. It must be easily understood by you, clearly and visibly. Making money, based on our plan, must not be complicated.
Well, that is all for now, I will write to you again soon, about Overcoming Your Fear of Failure. In the meanwhile, send my love to the family and make smart decisions.
Yours sincerely
Yaz
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The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.
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