Which is more important: a great business idea or a super business plan? The answer is clear: this isn’t a chicken or egg question … the idea comes first. But it’s just an idea, imperfect, a shiny object, dimly perceived, not fully grasped. The purpose of the business plan is to take that idea and “flesh it out” – weigh it and consider it’s worth, bring it into clear focus, put it under a bright light, and then contemplate how it should be implemented. A good business plan embodies the research, the study, the evaluation and the decision regarding a good business idea. You can’t delegate it. You can’t buy an app for it. ( Well you can, but what you’ll get is CRAP – Complete Rubbish And Pointless)
But a good idea and a good business plan are still pretty much useless, unless you make it REAL:
- Resources: can’t go anywhere without them: money, human capital, connections, time.
- Execution: how you take your resources and implement your plan. Sounds simple, but this is the most difficult step.
- Assessment: how you assess your progress and modify your initial plan. No plan goes according to the way you think it will. To be successful, you must be able to assess the execution and modify it as things unfold
- Longevity: despite everything you have and everything you do, will the idea flourish and grow? Will it withstand the inevitable setbacks and random stuff that gets thrown at it. Sometimes this factor is defined as Luck. Most of us real entrepreneurs understand that most luck is self generated.
There are some excellent videos about business plans and how you create a dynamic tool that you can use throughout your execution and business life cycle at https://CEAnow.org .