Wednesday, 31 March 2010
Monday, 29 March 2010
“A couple of years ago people would sit around, think about a business, create a deck, go pitch it to people. That’s not what people are doing today: you build the thing, you push it into market, you see if it gets traction and then you go talk to people about partnering”.
Friday, 26 March 2010
“The more information you pile on, the less likely you are to make educated guesses. But educated guesses spring from wisdom: all of your past experiences, knowledge and knowhow, coupled with the most recent information and analysis. In other words, wisdom comes from your gut”
“…. faced with an abundance of information you fall victim to analysis paralysis — unable to make any decisions in the face of so much data. To be frozen by information is perhaps the single biggest risk of knowledge. Ancient Greek philosophers used to warn their children about this ailment and Peter Drucker did a good job of combating it in the business world. But is anyone really listening? People often become victims of the "knowledge trap" or "analysis paralysis," thinking they need to weigh every bit of information against all possible outcomes. Those people rarely make it very far. Those who avoid these traps — who realize they'll never have all the answers no matter how much knowledge they gather — are often the ones who succeed.”
Monday, 22 March 2010
“I don’t think it’s about whether business planning is a good or a bad thing; it’s acknowledging the importance of a Finance person in your start-up line-up. That means the entrepreneur can be free to evangelise about how great the business idea is and how it’s going to change the world; whilst your finance person talks about numbers and forecasts to the money guys. That separation of powers means the entrepreneur is liberated to be visionary about the idea, while your sensible Finance cornerstone worries about the long-term plan.”
Friday, 19 March 2010
Tuesday, 16 March 2010
"Give up on the guesswork. Decide what you're going to do this week, not this year. Figure out the nest most important thing and do that. Make decisions right before you do something, not far in advance. It's OK to wing it..... Working without a plan may seem scary. But blindly following a plan that has no relationship with reality is even scarier".
Sunday, 14 March 2010
We came to SXSW to discover peoples' take on how to launch their business ideas. The core conversation really got people thinking; a show of hands immediately discovered that over 70% of the audience ran a small business. They were quick to crush the myth that a traditional business plan is required. Instead, they spoke of the power of vision, passion and a rapid journey from your product to consumer. We discussed tools to enable that journey such as crowdsourcing, project management tools and other apps.
The buoyant conversation lasted for an hour and spilled out to the corridors. For us, the core conversation experience was about discovery; indeed to crowd-source entrepreneurs and people taking their own business ideas to reality. We're not #Unplan experts yet, we're #Unplan evangelists who aim to curate, create and publish the interviews, experiments and learnings for taking your business idea to market rapidly.
Our ask for you now is to kindly comment with links, thoughts, tips and tools that have been helpful in launching your business.
Follow the discussion at:
Thursday, 11 March 2010
- The ignorance theory - the one most cited by business school professors.
- The ‘Just Do It’ theory – people like to be more action-oriented.
- The ‘don’t-look-under-the-hood’ theory – people who don’t want to test their ideas in case they fail.
- Business plans do not automatically result in getting funding.
- You can’t predict the future.
- Time is money: it takes time – away from your business – to write a plan.
- The business world has changed – the idea of a business plan is outdated, things move to quickly for rigid plans.
Tuesday, 9 March 2010
Monday, 8 March 2010
Their company 37signals agrees that organisational obsession with long term planning is futile. Here’s an extract from a great post on the 37signals blog by Matt from last May explaining why:
"Why don’t we just call plans what they really are: guesses. Unless you’re a fortune teller, long-term business planning is a fantasy. There are just too many factors that are out of your hands: market conditions, competitors, customers, the economy, etc. Writing a plan makes you feel in control of things you can’t actually control.
In fact, you might as well change the name of your business plans to business guesses, your financial plans to financial guesses, and your strategic planning to strategic guesses. Do that and you’ll probably start putting a lot less weight into those things".37signals have created a great little video to promote the book. I love it; it could have been one of ours for ‘Unplan Your Business’! Check it out here:
Sunday, 7 March 2010
“People ask me all the time about the traits I look for in entrepreneurs and action orientation is at the top of the list. I'd much rather back someone who makes 100 decisions a day and gets 51 of them right than someone who makes one decision a day and gets it right”.
I’ve seen so many management cultures get stuck in the analysis of an idea, before it’s even launched. Whereas, it’s much more effective to just go for it – try something out, then stand back and measure how you did. Fred Wilson is a fan of the ‘trying stuff out’.
“You can think and debate about stuff all day long or you can try stuff out and see what works. From my experience, the latter approach is a much better one”.
Wednesday, 3 March 2010
to make organisations’ workspaces more effective. Trifle is also creating a
space where clients can come to get inspired, stimulated and motivated. She has lots of experience of working with big organisations and now with her own business has insight into what’s important planning a start-up. Sejal thinks that instead of traditional business planning, start-ups should be led by insight, use their instinct, be brave enough to stick to their guns and use rapid prototyping to test their ideas in the market. London
Monday, 1 March 2010
“A new green college campus was built, but one thing was still debated: Where in the grass should we put the paved walkways?
Some felt the walkways should be around the edges, to leave the center green and untouched. Some felt the walkways should cut diagonal, connecting all buildings to all buildings.
One professor had the winning idea: ‘Don't make any walkways this year. At the end of the year, look at where the grass is worn away, showing us where the students are walking. Then just pave those paths.’
Of course I think about this with business plans.
As time goes on, we get smarter. We learn more about our customers and what they really want. Therefore, we're at our dumbest at the beginning, and at our smartest at the end.
So when should you make business decisions? When you have the most information, when you're at your smartest: as late as possible.
Like the college campus, you can do without walkways for a year. Resist the urge to figure it all out in advance. Realize this is when you know the least.
When people expect you to make these decisions in advance, get used to saying, ‘We don't know yet,’ then tell this simple story about walkways, to show them how wise you are”.