Why Creating a Business Plan Is a ‘Waste of Time’

A finely crafted, tightly defined, highly detailed business plan seems like a perfectly rational tool for getting your entrepreneurial ideas off the ground. But Carl Schramm thinks you should burn it. Schramm, an economist, Syracuse University professor and former president of the Ewing Marion Kauffman Foundation — a non-profit that encourages entrepreneurship — says that crafting a business plan is one of the biggest misconceptions about how to start a company on the right footing. His new book, Burn the Business Plan: What Great Entrepreneurs Really Do, says the true blueprint for success requires innovative ideas, real-world experience and keen judgment. Schramm joined the Knowledge@Wharton show, which airs on SiriusXM channel 111, to explain why inventors and entrepreneurs should light a few matches and get on with it. (Listen to the full podcast using the player at the top of this page.)

http://knowledge.wharton.upenn.edu/article/great-entrepreneurs-really/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2018-05-24