Summary of Burn the Business Plan

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Rating

8 Overall

8 Importance

7 Innovation

8 Style


Recommendation

As an economist, entrepreneur, professor, venture investor and the former head of “the world’s largest philanthropy dedicated to promoting entrepreneurship,” Carl J. Schramm reports that many popular ideas about how to launch a business are wrong. He asserts they’re built on unrealistic ideas of what makes companies work. This refreshing guide presents – and circles back to – case studies so readers can see how various factors affect specific businesses and their founders. getAbstract recommends this inspiring evaluation of entrepreneurship to business creators at all stages of their companies’ growth, as well as to prospective franchisees, entrepreneurship teachers and those looking for a way to build a business.

In this summary, you will learn

  • What kind of entrepreneur you might be,
  • Why you don’t need a business plan to start and build a company, and
  • What steps lead to entrepreneurial success.
 

About the Author

Economist and professor Carl J. Schramm has founded or co-founded five companies, co-founded the Global Entrepreneurship Week, and served on the President’s National Advisory Council on Innovation and Entrepreneurship.

 

Summary

No Business Plan

The need to write a formal business plan appeared in the 1980s. The prototype business plan drew on elements of strategic planning. It tapped into the belief that you can succeed by following a “linear, rational, critical path model” of business. Planning attempts to organize an inherently chaotic process. Business plans make it easy for investors to compare and evaluate various start-up propositions, so investors come to rely on them. Business planning emphasizes how an investor can eventually exit at a profit. Remember that Apple, Cisco, Facebook and Google all launched without written plans.


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