How can entrepreneurs move from Plan A to Plan B and beyond?
John Mullins discusses the strategies entrepreneurs can adopt to help weather the current economic storm
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In a new podcast John Mullins, Associate Professor of Management Practice in Marketing and Entrepreneurship at London Business School, explains that entrepreneurs need to see beyond their Plan A in order to survive the current economic crisis.
Most entrepreneurs don't find success on their first, second or even third business plans. For PayPal, success came on Plan G. Entrepreneurs starting out in the current economic climate need to be prepared to adapt their plans until they find a winning formula.
In his new book, Getting to Plan B, John Mullins and his co-author, noted venture capitalist Randy Komisar of Kleiner, Perkins, Caufield & Byers, take a systematic approach to understanding the process of reaching a successful business model. John suggests that successful businesses look at the best and worst of what has gone before them, picking out elements of success and avoiding repeating other people's mistakes, identifying a few crucial leaps of faith that can be tested in the marketplace, and then testing hypotheses to find a business model that will really work.