When it comes to getting things done, we all have differing ways of completing a task and it's exactly the same when it comes to planning a new business.
Whether I'm looking at plans being submitted to the Prince's Trust Youth Business Scotland by young people seeking funding or whether it is through acting as a judge for any of the many entrepreneurial competitions, I've seen a huge variation in the lengths to which people will go with the amount of detail they include.
So, how far should you go when it comes down to research, planning and putting your thoughts to paper?
Will you miss an opportunity by planning to the "nth" degree or will your business be much the better in the longer term for all the detail?
Hung up about this question, I recently decided to speak with a few Youth Business Scotland clients at one of our networking events to get a feel for their thoughts on this subject.
One of the entrepreneurs that I spoke with is Darren Lester whose business is based in Edinburgh. TheCADcube, founded from his experiences studying architecture technology, is the combination of an online efficiency tool for design professionals, allowing them to search, share and download 3D CAD models, and an innovative marketing platform for product manufacturers.
Darren told me he has always leaned towards the train of thought where" he likes to get things done", and gave me the following example about the early stage development of his business.
“I was in the situation when developing the business that I needed to engage with both ‘end users’ and manufacturers at the same time - very much a chicken-and-egg situation.
"Offering free trials was a great help, however I was not long into the early stages of the business when I realised that there were changes that needed to be made to the initial plan.
"There is no amount of research and business planning that could have given me the information that the early stage trials did. I believe if I had not taken that step I could still have been doing desktop research."
So there you have it – the thoughts of a young entrepreneur.
I have been fortunate through my career to spend time with some of the most seasoned and successful entrepreneurs both at home and abroad and have been convinced through these meetings that 80% is good enough on many occasions for a business concept.
If someone who is going into business does not grasp this 80% concept then they could end up with “analysis paralysis” and miss an opportunity - Darren is certainly in the 80% camp on this one!
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