One reason so many startups fail is that they either craft a business plan then shelve it at launch or worst yet slavishly follow it without adjusting when the initial assumptions are proven by the market to be invalid. Instead, entrepreneurs should take a page from the concept of lean manufacturing and focus on “learning how to build a sustainable business,” Eric Ries, author of “The Lean Startup.” This is why I embrace the business model generation and experience validation methodology.
Oh, and if you think this doesn’t apply to established concerns, think again.
Full disclosure, I haven’t yet read Ries’ current work, but the video below has definitely moved it to the top of the list.