Business plans are overrated

There more than element of obvious insight in Paul Kedrosky‘s recent post:

“Business plans are overrated. … Why?

… Because VCs are professional nit-pickers. Give them something to find fault with, and they’ll do it with abandon. I generally tell people to come to pitch meetings with less information rather than more. Sure, you’ll get pressed for more, but finesse it.

Presenting a full and detailed plan is, nine times out of ten, a path to a ‘No’ — or at least more time-consuming than having said less.”

Paul Kedrosky, in the wake of the VC financing of Twitter, which has no business plan, no business model and no profits.

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