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George Nemeth · Let me re-iterate
June 7th, 2008
From Gary:
Venture capitalist Jonathan Murray of Early Stage Partners described the startup process as a series of iterative experiments rather than a linear projection. Rather than writing a business plan with cash flow projections that have little or no basis in reality, Jonathan suggests a more realistic approach- a balance between objectivity and entrepreneurial zeal…
Iterative experiments | Innovation & Entrepreneurship
Last 5 posts by George Nemeth
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June 8th, 2008 at 9:06 am
Thanks for posting this, George.
June 8th, 2008 at 10:30 am
Absolutely!!!
Iteration, learning, and a smart network are the key to successful entrepreneurship. IMHO, business plans get in the way if done too early. They have their place, but should not come when things are not yet clear and much learning remains.
Here is my 5 step generic business plan/algorithm for all beginning entrepreneurs…
1) Figure out what you really enjoy and have talent for… has it changed/adapted recently?
2) Develop what you enjoy, get good at it, go through many cycles of learning — quickly. Seek feedback, practice iteration!
3) Look[without blinders!] for opportunities to apply 2).
4) Adapt and build your network — strategically!
5) go to 1) and repeat.
June 10th, 2008 at 4:02 pm
Jonathan really knows his stuff in this area. Now, politics and issues such as global warming…we’ll just have to agree to disagree there.