Everybody has a plan until they get punched in the mouth…
– Mike Tyson
Which, let’s face it, happens to most start-ups and entrepreneurs. Around 75% in fact.
You have the best idea. You spend days, weeks, and months perfecting a 40-page business plan filled with five-year forecasts, 18-month roadmaps, and in-depth marketing strategies. You confidently pitch it to stakeholders and investors.
Then you get punched in the mouth.
Potential investors go quiet or “haven’t had time to read it” and you’re left with an expensive, wasted deliverable and a chunk of time that you’ll never get back. Worse still, your product isn’t any nearer launching and you haven’t secured any buy-in or investment.
What. A. Waste. Of. Time.
Traditional business plans are of little use to start-ups, and of no real interest to investors.
But what’s the alternative?
The Lean Canvas is a living framework that allows you to quickly capture your idea or concept, thoroughly validate it, and then continuously share, improve, and most importantly move on it.
Ok, I know what you’re thinking:
- How can a one-page Lean Canvas possibly replace a 40-page business plan?
- How can I tell the entire story of my business on one-page?
- Is a Lean Canvas really enough to help me secure investment or buy-in?
I have the answers to all these questions and more in this Process Street post.
Ready to dodge some punches?