Tuesday, February 6, 2018

Burn the Business Plan By Carl Schramm

What Great Entrepreneurs Really Do

By Carl Schramm

At the dawning of the era of Trump, new businesses are finally starting to feel the relief from crippling regulations and getting the boost they’ve needed to encourage entrepreneurs to follow their dreams and/or reinvigorate existing businesses. But it’s a whole new world which requires a whole new roadmap toward success. With BURN THE BUSINESS PLAN: What Great Entrepreneurs Really Do, bestselling author and economist, Carl Schramm, applies his decades of experience in the world of entrepreneurship to offer a myth-busting guide packed with tools and techniques to launch any business. Illustrated with stories of real entrepreneurs who started successful businesses, he debunks some of the most commonly held beliefs surrounding startups and business development - starting with the supposed importance of a business plan.

Business schools teach that the most important prerequisite for starting a business is a business plan. Nonsense, says Carl Schramm in BURN THE BUSINESS PLAN, who for a decade headed the most important foundation devoted to entrepreneurship in this country. Microsoft, Apple, Facebook, Google, and hundreds of smaller, lesser known companies all achieved success long before they had business plans.

According to Schramm, entrepreneurship has been misrepresented and glamorized by business books, university and MBA courses, and the media. Much of the advice they offer today is about how to be the next Steve Jobs or Mark Zuckerberg; and while their stories make fascinating reading, their narratives hold few actionable lessons for the more than ninety-five percent of entrepreneurs who are not tech-wizards and who want to start a construction business, manufacture innovative building materials, or develop a franchise. BURN THE BUSINESS PLAN offers lessons that apply to all budding entrepreneurs, including:

·     Why you don’t need a business plan: Many of today’s most successful businesses launched without formal business plans. It’s more important for entrepreneurs to be flexible. Schramm says, “Business is simply too fluid; unpredictable markets set the direction of companies for established giants and small startups alike, not the other way around. Entrepreneurs must learn to dance to the market’s ever-changing tempo and rhythm.”
·     Why you don’t need to be a “kid genius”: It’s a widespread belief that all entrepreneurs are young Silicon Valley software prodigies. But in fact, the average entrepreneur is thirty-nine years old and has worked in corporate America for at least a decade, which is a great advantage. The success rate of entrepreneurs over age forty is five times higher than those under thirty.
·     Why you should work in the corporate world: Schramm argues that people with work experience in the corporate world have several advantages as entrepreneurs. They often have important contacts in the business world who may become customers for their new service or product, and they also have the opportunity to strategize with knowledgeable colleagues and get valuable business advice.

Just in time for those who have resolved to launch a new business in 2018, BURN THE BUSINESS PLAN lays out a motivating path to true success. It dispels the costly, misleading startup myths and offers practical, real-world advice on how to avoid common mistakes, showing what you need to do to put your enterprise on track for success. Schramm believes knowledge, passion, determination, and a willingness to experiment and innovate are far more valuable than financial skill.

When it comes to entrepreneurship, age 40 is the new 20...and always has been

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