Tuesday, July 31, 2007

Great Entrepreneur Revelation

I only realized this only last week, but the reason for TYLER's year long stagnation is because we didn't have a plan.

I know what you're thinking: "How can you guys even start or run the damn business if you didn't have a plan?!"

We did a 60 page business plan for the LKY competition last year. What we didn't realize was that the business plan you use to raise money (or for a competition as the case may be) CANNOT be used as your actual business plan.

I felt something wasn't quite right after the competition was over. At the time I described the problem to one of our mentors as "we're back to business as usual". "Business as usual" is great if you're making a lot of money, not so great if you have yet to implement your grand plan for success.

Sure it sounds very "DUH!" in retrospect, but if you won 10,000 USD with your business plan, you wouldn't think you needed to write another one immediately.

What does this mean for you guys? Well you should go and think about what you're doing right now.
Are you:
a) operating on a plan with resources you haven't got?
b) targeting a market you haven't entered yet?

If the answer is "yes" to either, take some time and think about the practical business plan you can implement with the lemons you have now.

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