Skip to main content
The Lean start up


Have you ever drafted a business plan? What did it entail? Did you really achieve the figures you put in your 3 year budget?

 A business is nothing but a prediction of the unknown and now we have markets that change like never before.
We can draft a business plan then tomorrow the market changes.

What then?

As Vusi Thembekwayo states that business plans are useless  and a waste of time and indeed they are but why are we still asked so present one when we seek funding from the NYDA or any government institute?.

Firstly I can say that we are too depended on the government to do the thinkighng for us.
The Americans has been using this new methodology called " the lean start up".
This  method focuses on experimentation over elaborate planning, Customer feedback and iterative design .

This sends you straight to the  market , one must do their research of the particular offering and most importantly involve the users of the product/service. 

This saves time and money because you do not waste predicting but you are working on the customer's preference.

Steven Blank states that this new method start ups search for a business model that works and continue working on it based on the customer feedback.
This encomposes innovation and the involvement of the end user of our offerings.
So if you are an entrepreneur or want to be one but still trying to  draft a business plan.
Stop immediately and open office tomorrow morning, fail fast and continue learning.

Develop that Mind 

Comments

Popular posts from this blog

Supply

  Supply- supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object ( WikiPedia) I found this topic to be of great interest in a sense that one can be in and out of business because of a supplier. Demand and supply makes up the foundation of an economy. In business we can have an obstacle of a supplier. Recently I have halted selling a product due to a problem I had with a supplier. The supplier ran out of business and it was difficult to even find another supplier nearby. A supplier can increase prices meaning you also have to increase your prices. This seems simple but it tends to be difficult to maintain one’s clientele in such a situation.   This problem of suppliers come with the risk of running a business, one must always be on the look...

Physical efforts

Taking care of your health. When you are in business you are taking care of alot of things and people. One must be both mentally and physically fit to exercise such responsibility. Reading is an exercise for the mind and working out or running is for the body. Business is about trust and how do you trust someone who looks like they are about to give birth? That is unhealthy. Heath concerns me alot and people need to educate themselves about the kind of food they need to eat. A healthy individual will run a healthy business. Physically appearance is everything especially in the service sector. Therefore, be neat, healthy and fit. Exercising for an hour a day will make a whole difference in your life and your business. Develop that mind

Why Recording Transactions is Crucial for Business

Accurate transaction recording is the backbone of any successful business. Whether small or large, businesses must maintain proper financial records to track income, expenses, and financial health. In South Africa, where compliance with tax and financial regulations is crucial, proper bookkeeping ensures smooth operations and legal adherence. Today we explore the significance of recording transactions, the role of source documents, the necessity of securely storing invoices, slips, and bank statements, and what the IFRS for SMEs requires regarding transaction recording.  Why Recording Transactions Matters Recording transactions systematically helps businesses in several ways: Financial Accuracy: Ensures businesses track profits and losses accurately. Legal and Tax Compliance: Proper records are essential for SARS (South African Revenue Service) tax filings. Business Decision-Making: Clear financial records help in making informed investment and operational decisions. Fraud P...