Most people who have conceived a new business idea have been told, “Make sure you have a good business plan.”
The elements of the ideal business plan are fairly common and cliche: marketing and advertising strategies, identifying the target audience, research of the target audience’s consummation trends, and the list goes on.
While it sounds good, this often has an adverse effect. It contributes to what is known as the analysis paralysis.
Analysis paralysis ensues when people spend so much time thinking about their business plans that it hinders the actual work of bringing the business into fruition.
The made-up financial projections, target audience surveys and exploration of competing businesses are time consuming and expensive.
The following entrepreneurs did not have a business plan, but still went on to experience entrepreneurial success: businessman Robert Croak encountered animal-shaped rubber wristbands on a business trip to Japan and decided to market the bands as kids’ accessories in the U.S. creating Silly Bandz; engineer Lonnie Johnson had the idea to make a water gun after noticing the force at which water shot out of a nozzle during an experiment in his sink and that water gun later became known as the Super Soaker; Mark Zuckerberg is self-explanatory.
Execution of a business should not take a back seat to developing an extensive business plan. Don’t let the extensive analysis of these elements bog down the execution of your future business plans.
Carrying out your entrepreneurial ideas is the strongest business plan you can have.
Christopher Ivory is a first-year law student.