Once hailed as a key component of entrepreneurial success, traditional business plans are now being challenged by visionaries like Steve Blank, Reid Hoffman, Alexander Osterwalder, and Brad Feld. These thought leaders argue that business plans can stifle innovation, and hinder an entrepreneur’s ability to adapt in a rapidly changing landscape. They can see that adaptability and an iterative approach are more likely to lead to sustainable growth and long-term success. In the ever-changing landscape of entrepreneurship, it’s time to debunk the myth of the business plan, and embrace experiments as the driving force behind success. As Blank wisely stated: “No plan survives first contact with customers.”
