Fair’s fair: I complained about being misquoted a couple days ago, but today I need to add two things:
- John insists I actually said, on the phone, to him, that I’d started a business without a business plan. I still think there’s confusion there, that not having a “full formal printed and coil-bound business plan” doesn’t mean not having a plan. But he’s sure we had that call, and it would have been several years ago, so he’s probably right. Maybe we were talking about my very first business, freelance journalism — and I would have been better off with business planning, but I was very young, and it was before my MBA days. Or maybe my second business, writing computer books, for which I did have planning, but not the full formal plan. It doesn’t change the point, though: everybody in business stands to gain from planning, and I’ve been practicing that, with my own business, for 25 years.
- An editor points out that in the summary to my last post I say I built the business without outside financing, but in the details I include we took in venture capital in 1999. That seems contradictory, so I should explain: when we had the venture capital investment, we were already thoroughly established, with the number one share in our market, and 35 employees. And they were only 10% owners. And we bought them out again two years later.