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Business Plan Vs Improvisation: How to Achieve Success as Entrepreneur

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Launching a startup begins with a business plan. However, entrepreneurs need to remember that any plan is only a framework for development, and in a turbulent market, the ability to adapt and improvise is more vital than to pursue strict instructions.

Having a business plan makes a startup more likely to succeed, found out Francis J. Greene and Christian Hopp. According to their research, more than 30% of the small businesses do not survive the first 3 years of operations if they do not have a business plan.

Why do we need business plans?

Business plan is essential at the very start of the project, as it answers basic questions like “Who are we?”, “Where do we want to get to?”, and “How are we going to do that?”. Business plan traces a road of the project evolvement with short-term and long-term goals. It helps keep your mind on what you are doing and manage all the business processes in accordance with these goals. Well, these are common truths known to any entrepreneur, even a novice. But what entrepreneurs learn from experience is that any business plan has to be adapted to the ever-changing world and revised.

Entrepreneurs need to understand that one important aspect of a strong leadership is to strike a balance between planning and adapting. Here is what entrepreneurs who have already achieved success in the crypto market recommend to keep in mind when drawing up a business plan.

Market Is Action-Packed

Life is unpredictable, and the market is part of this unpredictable life. You can calculate to the smallest detail all possible scenarios, but life can surprise us. And alas, it is rare when surprise can be called pleasant. In recent years, the global market underwent many shocks: the Covid-19 pandemic, global economic recession, geopolitical conflicts, etc.

“If you don’t keep tabs on your business plan, you may find yourself in a situation where you are out of touch with the reality of your business and the vision you set out to achieve,” CEO MNNT Michael Christine warns.

Michael Christine, Chief Executive Officer at MNNT 

In such a vulnerable environment, business plans are considered more like a roadmap than a strict instruction.

“In this kind of context, entrepreneurs need to be strong on adaptability and improvisation on the premise of sticking to the big overall plan. A leader can become an agent of change by actively seeking change, which in turn will make sure they’ll be the leading players in their field,” Jenny Yang, Founder and CEO of Star Consulting, recommends.

It is important to be flexible and mobile, sometimes you need to immediately change course and be ready to make significant adjustments to the original business plan.

“Sometimes it’s worth moving away from a business plan, not when something is already going not according to your strategy, but rather to make changes in advance, by playing ahead of the curve,” Roman Pishchulov, Co-founder of TTM Group, adds.

Roman Pishchulov, Co-founder of TTM Group

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