Business Planning

Here's how the podcast "My First Million" explores the concept of business planning:

1. Small, Achievable Goals: In business planning, it's helpful to set small, achievable goals rather than focusing only on big dreams. This approach allows you to make steady progress and avoid getting overwhelmed. Examples include minor milestones like securing a chef for a restaurant or designing a logo. These "baby goals" help maintain momentum and keep the business development process practical and grounded 1.

2. Bias to Action: Avoiding excessive planning is another important aspect. Often, business planning can become a procrastination tool, where entrepreneurs feel they're making progress just by planning. Instead, taking action—even small steps toward launching or testing ideas—is more beneficial. This approach emphasizes learning by doing, which can be more effective than trying to plan every detail in advance 2.

Each aspect serves different needs in the entrepreneurial journey, keeping you focused and practical while also embracing the dynamism of real-world business challenges.