Should you or shouldn’t you write a business plan?

Yes and no.

The academic or theoretical wisdom is that a business plan provides you with a road map of where to go in your business. And, to the extent that it gives you an opportunity to think through all the multitude of challenges you will face, writing a business plan is certainly a good idea.

However, the cold, hard fact is it does not prepare you for all the challenges you will face because you are bound to encounter an infinite number of surprises, not all of them pleasant.

A road map would be more akin to a document you could pick up from AAA to direct you in your drive from Houston to Dallas or New York to Chicago.  Fairly straightforward and based on known reality.

What you really need, as an entrepreneur, however, is a guide for how to hack your way through an unknown and previously unexplored jungle with a machete, not knowing when a baboon, swinging from a vine was going to whiz past your head or a water buffalo was going to charge you at a crossing.  Which is to say that navigating your way through the entrepreneurial jungle can be a risky business, requiring quick wits, lots of ingenuity and occasionally, nerves of steel.

Thomas Frey’s “10 Rules for Bootstrapping Your Business” refers to:

“The Business Plan Fallacy – In Quest of Low Hanging Fruit. Contrary to what academicians teach, successful bootstrappers seldom write business plans. I’ve not met many that have. This is a luxury few can afford. But more importantly, bootstrappers have a constant need to keep their options open. Their relentless drive for revenues forces them to keep their peripheral vision intact as they view the opportunity landscape.In the early stages of a startup, bootstrappers have little accountability for their actions. Their primary need is to prove a viable concept in a viable market. And this means revenues come before anything else.”

I think, to put it another way, the need to survive comes before anything else.  That’s why one has to watch so carefully for sinkholes.  There’s also that need to focus like a laser, not get distracted and keep your eye on the goal. Having been through the entrepreneurial jungle many times myself I can’t overstate the importance of training yourself to be aware of all the factors that can impact your business, keep your options open and be ready to respond with lightening speed.

So should you write a business plan?  Sure.  But keep it short.  And carry a big eraser.