Boston Business Journal asks Peter Russo about building a winning business plan
“approach it as a process and understand the customer,” advises Russo
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Peter Russo |
For the Boston Business Journal article “Beyond the binding: Biz plans need room to evolve,” journalist Keith Regan seeks commentary from Peter Russo, Executive-in-Residence and Sr. Lecturer in Boston University School of Management's Strategy & Innovation Department, and Faculty Director of Entrepreneurship Programs for ITEC. Regan writes,
From business students to venture capitalists, from would-be business owners to serial entrepreneurs, nearly everyone has strong opinions about business plans….A business plan is most likely to be successful if it is approached as a process, rather than with a focus on the end result, said Peter R. Russo, executive-in-residence and director of entrepreneurship at Boston University’s School of Management.
“The most common mistake in business plans is when a business really doesn’t understand or perceive its customer,” Russo says. “You can’t write a business plan in the library alone. You have to do that kind of research, but you also have to get out and talk to people, test your ideas on other people. That’s something that is very evident immediately if it hasn’t been done….A plan is often viewed as something used to try to raise money and then that’s it, but just because a business gets funding doesn’t mean you stop developing the plan,” Russo said. “As you’re out in the marketplace, winning customers, talking to people, hopefully every day you’re in the process of evolving that plan even further. If it’s approached that way, it can become a very powerful tool over the lifespan of a business.”
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