Are traditional business plans outdated?

04/25/2013 | Bloomberg Businessweek

Instead of focusing on writing lengthy business plans, entrepreneurs should get in front of customers and start testing assumptions, says business school professor Steve Blank, who teaches a course emphasizing that philosophy. Through this approach, students learn to modify their approach to fulfill customers' needs. Business leaders used to fire people when their plans didn't work out, Blank notes. "Now, we fire the plan," he said.

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