Geoffrey Moffett

November 26, 2023

Action Over Plan: The New Startup Success Mantra for 2024

The entrepreneurship community has long praised the business plan as an essential first step towards success. 

It's frequently described as the roadmap that gets you through the rocky beginnings of your business; with it, things are going right. But is all of this true? 

Is a business strategy always required when starting a profitable venture?

Let's dispel this misconception immediately: launching a profitable business can sometimes require a comprehensive business plan.

Many of today's successful companies started by acting quickly and with little preparation. Instead of waiting until everything worked out, they concentrated on acting and learning from their experiences.

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Accepting the Lean Startup Methodology

Think about the history of the massive social media network Twitter, which started as the podcast platform Odeo. Odeo was nearly instantly obsolete when Apple released iTunes. The team changed course and began investigating fresh concepts rather than adopting an antiquated business model. One of these was a brief messaging service that subsequently evolved into Twitter.

Another example is Rovio Entertainment, the company behind Angry Birds. They made 51 additional games before their great smash, none of which were prevalent. What they found out about what customers wanted was different from a flawless business plan but instead of constant trial and error.

Verifying Your Good or Service

Therefore, what should early-stage founders concentrate on if comprehensive business plans aren't the holy grail of entrepreneurship? The solution is straightforward: as soon as you can, get user feedback on your product or service and validate it. The following actions are crucial to take:

Make a Minimum Viable Solution (MVP): This is the most basic iteration of your solution that meets client needs and addresses an issue.

Test Your MVP: Offer your MVP to prospective clients and get their input.

Iterate based on input: Until you have a product that works for the market, iterate your product based on user input.


Accepting Modification and Flexibility

It's critical for entrepreneurs to be flexible and open to change as they establish their companies. A business strategy can offer guidance, but it should be seen as something other than an inflexible blueprint. The founder of contemporary entrepreneurship, Steve Blank, famously remarked, "No business plan survives first contact with customers".

Remember that in the corporate world, action takes precedence over words.

Don't let your inability to write a flawless business plan stop you.

Today, get started, learn from your mistakes, and expand your company.



About Geoffrey Moffett

Hey!  I'm Geoffrey and right now 110% of my time is focused on building Triovia, a digital and social media marketing education company.  

In this small part of the internet I blog about thoughts, stories and ideas.