TIP OF THE DAY: The Best Business Plans Don't List What Is Going To Happen, They Describe How It's Going To Happen

William Sahlman

Photo: Harvard Business School

Today’s tip comes from William Sahlman, the Dimitri V. D’Arbeloff – Class of 1955 Professor of Business Administration at Harvard Business School and author of How to Write a Great Business Plan :

“When you think about a business plan, think about the distinction between a snapshot and a moving picture.
People make decisions; plans don’t. Your goal is to describe a path and a series of well-structured experiments to see what you should do next.
The best plans are not the ones that say ‘we’re going to do x, y, and z in the following order; they say ‘here’s what we’re going to do to figure out what to do next, and here are the people who are going to do it because they’ve done it before.”
William Sahlman, author of How to Write a Great Business Plan


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