Burn The Business Plan: What Great Entrepreneurs Really Do

The author defines the term: An entrepreneur is someone who exploits an innovative idea one that he develops, or copies, improves, or rents to start a profit-seeking, scalable business that successfully satisfies demand for a new or better product.

I have mixed feelings about it as it covers an interesting topic: entrepreneurship and business with a concept that goes against the common strategy to success (not having a business plan), but the point gets rather tired throughout the book and are padded with examples picked to reiterate the key message.

The concern I have is that a business plan can be a great tool to provide clarity and focus which helps with decision making, moving towards where you want the business to be and pitching to others. The author's distaste for a business plan comes from it possibly preventing a pivot and reducing flexibility, which can lead to start up failure. I agree with this, but don't see why we can't have it both ways. Write a business plan as a guide, something to refer to and be your north star, but remember that you can approach north from many different directions. And sometimes you don't even want to go north, and that's okay.

I would recommend this book to those interested in starting a business who don't want to write a business plan. ;)

Some notable points:

- Successful entrepreneurs seem to hold three characteristics:
1. Most take a long time to prepare and build towards their goal. Their success is not a thunderclap, bur rather incremental growth.
2. They are flexible and able to adapt despite still moving towards their goals.
3. They make no little plans. Their ultimate goal is grand and impactful.

- The average start up needs $50,000 in capital.

- Success requires non-stop persistence and innovation measured in years.

- Innovation is the gift that comes back to those that persevere.

- Bad ideas can't lead to good companies.

- For every complex problem, there is an answer that is clear, simple, and wrong.

- The dream of success should sustain you, but understand how long and hard the path may be.

- VCs are often irrelevant. Only 7% of INC 500 fastest growing companies received VC funding.

- Keeping a day job while launching a business increases chances of failure.