Lots of people have ideas, only a few have successful businesses. Jeff Stibel, writing for the Harvard Business Review takes a closer look at the differences between being an inventor and an entrepreneur. Stibel says:
… don’t confuse being an entrepreneur with being an inventor. Great ideas are a dime a dozen. Action is what differentiates an entrepreneur from an inventor. If you want to focus on ideas, become an inventor — not an entrepreneur.
As an entrepreneur, committed to a course of action and ready to start a business, a business plan is a integral part of that process. The trick is to focus on planning – the process of thinking through your alternatives, but not the plan itself. If you get hung up on the plan it is harder to change direction. Successful entrepreneurs are flexible, willing to change direction if the path you are on isn’t working.
Do you have a business idea but are not sure how to convert it into a business? Start with a Plan!