Join Guy Kawasaki for an in-depth discussion in this video Focusing on your pitch, part of Guy Kawasaki on Entrepreneurship.
- One of the best outcomes of writing a business plan is to get your act together, to get your team together, to get everybody on the one page, and to commit, and polish, and hone your philosophy, which is expressed in a business plan. However, that's the theory. I think that it very seldom happens, and so people write business plans, and I wish that was the outcome. But the real outcome is a document, a document that it too long, it's delusional, and everybody's forecasting that in five years you'll be a $75,000,000 to $500,000,000 company.
So it has no real value. The value would not have been the document, it would have been getting the team together. But the team didn't put this thing together. It was just something that they had to check off. It's like writing essays to get into a school. You just do it, it's not because it's your heartfelt philosophies in life. So I think, now, that what matters most is that you have a great pitch. And in this great pitch, which is Keynote or PowerPoint, ten slides or so, you explain the gist of your company, and you go from there.
Because everybody knows that business plans, the forecast, they're absolutely meaningless, they're just numbers you pick out of the air, and they're just wishful thinking. And so it's more about the, well, it's about luckiness at some level, but it's also that you have this perspective, this vision, this outlook, this hope, and it's believable, that people can relate to it, it's conceivable that such a thing could be.
And you don't need 50 pages to do that. Indeed, if you need 50 pages to do that, you probably don't have it.
- The critical nature of prototyping
- The qualities of an MVVVP (minimum viable, valuable, validating product)
- The irrelevance of business plans
- The qualities of state-of-the-art pitches
- The replacement of marketing with social media