1. Money
You can opt-out at any time. Please refer to our privacy policy for contact information.

This Entrepreneur Says Business Plans are 'Bollocks' (Which Means They're Bad)

Share Your Story: The Business Plan: A Relic or a Necessity for Today's Entrepreneur?

By Danny Wong

Name, title, company, website

Danny Wong, Co-Creator, Blank Label

Describe your business

Blank Label is a startup specializing in custom dress shirts

Do you have a written business plan?

We do not have a written business plan because it is a waste of time and sticking to it dooms you to failure.

Written b-plans are bollocks because real businesses are always changing. Those that stay static cannot grow.

I’ve built a six figure business of Blank Label (with no ad spend either) within eight months and we are growing at a rate such that we will be a million dollar company within the next 12 months.

There is never a set plan to build a great business. Great businesses change to constantly better serve their customers' needs.

If you have a business plan, do you refer to it often?

We do not have a b-plan because we like to be lean and agile so we do not start doing things habitually, such that we neglect what's really important for our business and our customers. It's about continually providing more and more value for your users and adapting your business for your users' ever-changing needs.

Advice

  • We just use project management tools and web collaboration tools to help us in managing our business such as Acunote and Google Wave to help us stay on track with things we are managing, but there is no business plan in building our business.

©2014 About.com. All rights reserved.