When it’s time to throw away the business plan
by Lisa Princic
What? You may think I am being a bit too cavalier but I am very serious. Business plans can bring the highest potential companies down in their start-up phase.
Most entrepreneurs try to follow rigid business plans in order to get a clear sense of their market and growth potential. However, according to Lean Startup principles, following a strict formula rarely works in start-ups and new entrepreneurs get into a cycle of spending too much time and energy and money choosing products, prices and strategies that don’t resonate with their customers.
Why is that? Because it doesn’t matter how sophisticated, smart or passionate you are, customers are fickle and what you think might be perfect for them, might actually be but they could not even know it.
You could have the wrong product for the right market, the wrong market for the product, be too ahead of the market, have everything right but the wrong messaging or even pricing that doesn’t match their expectations. And yes, that means even pricing too low.
This all may sound overwhelming but in fact, embracing this complexity is actually your golden ticket to success.
In the New Economy you need to be open to adaptation and change. This also means that you as a small, nimble, big dreamer has a chance to make a big impact!
By embracing this uncertainty, you can, and will learn to master the process of discovery by beginning to understand the alchemy of your uniqueness, your best customer and what they ultimately want to buy from you.
This usually takes years of winging it to figure out and most entrepreneurs fizzle out and lose steam long before they reach this reality.
Instead, what you need to start out doing is running a series of small experiments to learn as much as you can about who your customers are and what they will actually buy. These help you hone in on the behaviours of your best customers and craft your business model around those results.
In other words test your product with your target customers before you invest fully in building it.
Curious to approach your New Economy business this way?
In my breakthrough program, the New Economy Business Mastermind I will walk a small group of entrepreneurs through this new approach and set them up to create radical shifts.
I wish I understood this approach five years ago when I started my business. Here’s your chance.
Lisa Princic is a Business Strategist & Membership Expert who helps thought leaders & niche experts build wildly successful memberships while making a positive impact. She helps entrepreneurs scale with powerful positioning & profitable programs designed around their zone of genius. A staunch believer in simplicity, Lisa helps her clients accomplish their goals by focusing on what to do AND what to ignore.
