February 24, 2009

Planning: In This Economy More Than Ever

"A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power."

Brian Tracy

The economy turns down and people start businesses; it's always been that way, it certainly is today and will likely be so in the future. And along with that comes the inevitable lists of what one needs to do to be successful in their new venture.

Like the one in today's
Wall Street Journal, which surprises me because there is no mention of the need for a plan, detailed or otherwise.

When you attempt to start a business you are spending money, in the checks you must write as well as in the form of income lost by not doing something else.

Does it really make sense to attempt that without first working through the detail that is the basis for a plan?


  1. A number of those who commented on the Journal article (excluding you Bill) suggested that passion would be enough to establish a new business. They are wrong. While it is important to believe in what you do that is not enough to make it a success.

  2. Without a plan a fool and his business are soon parted.

  3. Absurd to start a business without a plan; yet dangerous to follow a rigid plan. Passion is no longer enough to survive. Looking back, passion may have been enough for a start (occasionally the stars do align and one's horoscope may come true); but, judging by the "dead bodies" I've seen along the way, it was not enough to survive. Good business acumen along with following a flexible plan that's open to review and change as needed are keys to survival.