– As a way to capture your current plan and thinking about the business, business plans are inefficient. Shortly after you’re done writing it (or editing it), you will realize that the plan is a little out-dated and does not reflect your current reality.
– Start-ups change constantly, especially in the early days when you’re trying to find product market fit. The market changes, you get more feedback from your customers, and your understanding of the opportunity changes. Even more simply, you might just change your mind.
– In the early days, your startup is likely changing so frequently that going through the effort of making sure your business plan keeps up with your latest thinking is frustrating and futile. You’re much, much better off spending that time and energy talking to customers and making the product better. The risk is that you revise the plan so much, have toiled so many nights getting it just right that you actually start becoming emotionally attached to the plan. It becomes your baby — not the business itself. This can be fatal.
Avoid becoming overly committed to what you’ve written down. Stay pragmatic and willing to change.