Uncharted

Building without a map is a bold art form.
It’s challenging, dangerous, and rewarding.

It’s challenging because these expeditions call for initiative to show up but also an unknown amount of resources to stay persistent. All seven capitals (intellectual, human, financial, institutional, physical, network, cultural) can each be hard to find, but celebrating what we have attracts more of what we want. As different types of capital connect, staying balanced with your personal bandwidth requires attention. But when we care and remain realistic, we give ourselves the permission to keep building.

Uncharted crusades can also be dangerous. This quest will not go as anticipated and the opportunity cost is high, with endless ways to spend our time. Even when odds are against us, a healthy obsession paired with a willingness to succeed or learn cultivates a potent mix of curiosity, optimism, and righteous recklessness. Those willing to try have a huge advantage over everyone else willing to wait.

Extra Shot

What might you regret not doing?

When exploring the unknown for the first time, be clever, collaborative, and patient. Also, remember that winners quit all the time. They simply quit the right things at the right time. So, get passionate without falling in love with impossible and don’t be afraid to ask for help. There’s much to learn from heroes, mentors, and those you seek to serve. Success and failure leave clues, so speed up progress and avoid pitfalls by leaning into tribes you trust.

When you’ve built without a map, the highs and lows strengthen decision-making. Practice also makes the unknown less intimidating. Experienced wayfinders gather feedback faster, measure the right metrics, and appreciate the hardships without allowing pride from the past to mislead them.

We know how rewarding it can be to build an event, business, or relationship you’re proud of.

To dance toward the unknown, be thoughtful with early moves but don’t get paralyzed by perfection. Sustain growth with sequenced storytelling. Be urgent but not frantic by activating trust channels that stimulate accountability. Welcome feedback like a scientist, listen with concentration, and savor metrics beyond the money.

By Ben McDougal, ago

Escorting Execution

After a few early moves, developing a business plan is a hearty exercise. Business plans are less pivotal than scholars may preach, but developing a business plan does force you to pick through the specifics of any business. The detailed planning can pave a path toward sustainability and help you articulate opportunities to potential co-founders, new hires, outsourced talent, investors, and early adopters.

The first version of a business plan does not need to be long, but it should include a handful of key elements:

    1. Executive Summary
    2. Company Description
    3. Market Analysis
    4. Products & Services
    5. Marketing & Sales
    6. Operations
    7. Financials
    8. Appendix

One size does not fit all, and earlier moves like canvasing and wireframing will lighten the load as you flesh out details. To determine how particularized your business plan needs to be, consider who will be reviewing this dynamic document. Learn more and explore different templates online, then craft something you’re proud of.

Even without an audience, creating a business plan is rarely a waste of time. They can also become a required asset when you’re raising financial capital. Situations where you’ll likely need a business plan include grant applications, bank loans, and pitch competitions. Entrepreneurial support organizations (ESOs) may request a business plan to warrant professional services as well.

As you build a business plan, use clarifying frameworks, concise content, and mark areas that may need to more frequent updates. This makes the document interesting, more digestible, and easier to maintain.

As you update this dynamic document, consider how your business plan supports other related resources that collectively paint the picture of your company. Sharp business plans integrate with a cool one-pager, slide decks that ignite verbal presentations, a pitch deck with similar content brought to life with enhanced visuals, and ongoing investor updates. This shapes a forwardable investor pack geared to keep your ideas from slipping toward someday.

By Ben McDougal, ago