If you remember watching the movie “Terminator” the robot is created to do good but, in the end, it becomes the terminator and people run from it.
The top 4 reasons that business plans are terrifying
1. It is simple
The business plan is a simple activity to be done. It involves you to just google a bit and read some content and watch a couple of YouTube videos and soon you would have a business plan in place.
The trick is in the simplicity of the business plan no matter how much we write it, it is always going to be short of what we want to achieve.
With all the content and writing, we would feel that we have accomplished the task of finishing the business plan and we may even celebrate the fact that we achieved a milestone that is to have the business plan completed.
But it is nothing but a big hypothesis!
2. It is complex
The business plan, when worked out with an expert, is a different ball game altogether.
The 9 major components mostly remain unchanged no matter what the business type is. But the fact of the matter is that under each of the components an expert will add further value in knowledge and delivery.
Each word in the business plan would mean a whole host of activities on its own.
For example, ‘Order Fulfilment Manual’, it is just simple three words that most business plan would have; but these three simple words mean that we must work out the entire process manual from lead generation to billing and after-sales activities including the duties and responsibilities manual and training documentation.
That would mean easily about 250 hours of work.
The task complexity is huge in the business plan and implementation process is another elephant in the room.
3. Dream to reality check
Business plans are a document that is meant to provide a broad sketch of all the activities that need to be completed in a sequence to meet the mission targets and that in turn lead to our vision being met.
That is the big assumption that we operate from.
Like the saying goes, “Nothing wrong in building castles in the air, just as long as you build escalators to reach them.
The business plans are the castle in the air, and now when we have to build the escalators to reach them, only then do we realise that true length and breadth of the activities that we have to perform to reach them.
Most people are so taken aback that they quit. That is why almost 95% of start-ups close within the first 5 years.
4. It is a long-drawn battle plan
As game theory puts it, we have finite games and infinite game. A finite game is played for the purpose of winning, an infinite game for the purpose of continuing the play.
So a business fits into which form of the game?
The infinite game.
Most people miss out on this part.
Now you may ask, what if I want to sell off my business for a profit in a few years, then won’t it be a finite game?
If you notice the question above is in which game does business fit into, not which game are you playing.
So, if you decided to sell your business in a few years the person who purchased your business should continue to run it profitably or he would make a loss, and nobody wants that. Hence the new buyer must continue to play the game.
5. It will haunt you
Yes, it will haunt you.
The herculean task that forms part of the business plan and the ever-depleting bank balance are two main reasons you will have many a sleepless night.
Even in your dreams, you would be dreaming of the issues that need to be addressed in the shortest duration of time.
Yes, it is a hard-drawn battle and the odds will be against you, but isn’t that the reason you choose to become a Warrior!
The true warrior is the one that enjoys the battle more than the victory.
In business one thing every entrepreneur should get very comfortable with is failure.
Failure in what sense?
Failure in every sense.
From your business plan assumptions being inaccurate to your business idea validation being wrong.
From your customers not wanting your product leading to loss due and non-payment.
This list is endless.
The first thing that one SHOULD DO is to replace the word failure with “LEARNING”.
There is success or learning ONLY. No failure at all.
No matter how difficult or scary the terminator gets, just simply break down your task to even smaller portions and take baby steps towards achieving your dreams.
It is only a matter of time before it becomes a reality.
Just keep on going, until your icons become your competition; then smile at them and then JUST KEEP ON GOING!!!