This Is Not an MBA Business Plan,Part 2

The Entrepreneurial Journal

In Part 1, I discussed the importance of adopting the right mindset for writing a business plan. There are instances where I encourage people to write one. I often say, “What are you waiting for?” or “Write it imperfectly, but get it on paper. It’s time to move it forward.”

However, far too often, would-be entrepreneurs jump the gun. They may still be in the early idea or development stages but believe they’re further along the path (read my Act Your Stage blog).

In those moments, forget the formal business plan. Instead, grab a blank notebook and start what I call your Entrepreneurial Journal. This is where you collect your thoughts, test your assumptions, and give your ideas some breathing room.

Start With Questions

Create sections in your journal that guide your curiosity and reflection. Here are a few suggestions:

The Market: Who’s in the game, and how is it played?

My Product/Service: What would make my offering exceptional? Do I know all the backend costs?

Customer Feedback: What does my best customer truly value? How do I know that?

Actions to Take. People to Talk To: What can I act on in the next 10 days?

Rough Notes: For those thoughts that don’t fit neatly into a category.

There’s something powerful about writing things down. Sure, you can transfer it to your computer later, but the visceral immediacy of pen to paper helps you capture valuable ideas the moment they hit.

Side note: I never write a blog without first jotting down my thoughts in a notebook. This practice always serves me well.

Stay Curious. Stay Light

One thing I always remind first-time entrepreneurs is to be curious. Explore. Ask questions. Have some fun. Don’t make it too heavy.

A word of warning to the eager: don’t get seduced by the money talk too early. Everyone has that one friend who says, “All you need is a viral TikTok, and you can make a ton of money!” (That friend has probably never run a business.)

Start learning the rules of the game you want to play. What does “good” look like in this industry? What about “great”? What value do you want to bring?

And stop worrying about people stealing your idea. For every “original” idea, there are likely 100 people who’ve thought the same thing. But most people never act on their ideas. Entrepreneurs aren’t idea-hoarders; they’re implementers. Ideas are cheap. Execution is everything.

Lenders Don’t Fund Ideas. Investors Want Scale

Here’s a truth bomb: lenders and most investors do not fund ideas.

What they won’t fund:

·       Something still in prototyping (e.g., your app idea)

·       Sample runs for a clothing line

·       Custom software you haven’t tested with users yet

What they want is proof. They want to see that you can start selling within a couple of months. Investors want even more; they’re looking for traction (do you have any sales?) and how quickly you can scale.

Let It Evolve

Your venture needs space to breathe, grow, and maybe even pivot. This is an evolution, not a revolution.

Over time, your Entrepreneurial Journal will fill up with notes, feedback, rough sketches, and aha moments. It’s not just dreaming anymore; it’s groundwork. You’ve done the messy, foundational work. And now, you’re ready. Not for perfection, but for the next step: writing your business plan.

In Part 3, I’ll break down what to focus on when you’re ready to write your business plan.

Stay tuned.

It’s about to get real.