Syracuse University professor Carl Schramm wants to dispel what he feels is a time- honored myth about the essentiality of writing business plans. In his latest book titled Burn the Business Plan: What Great Entrepreneurs Really Do, Schramm talks about his blueprint for entrepreneurial success. Instead of the b-plan he feels that real-world experience, keen sense of judgement and business innovation is all that is needed. Whether historical giants such as IBM, GE, American Airlines and US Steel or recent path-breakers such as Apple, Amazon, Microsoft or Facebook, neither had any business plan prior to starting up. A lot of the business planning process is merely a smokescreen to attract venture capital (VC). However, as proven in the book, fewer than 1 percent of all new startups receive VC funding. Another myth within this field is regarding the age of entrepreneurs. Due to the well-established names such as Mark Zuckerberg, most assume that the age for starting up is early twenties. In truth, it is the more mature lot in their 30s or 40s who do better.

Source:http://knowledge.wharton.upenn.edu/article/burn-the-business-plan/

Uploaded Date:09 August 2018