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The Importance of Discovering Your Plan B

John Mullins, Randy Komisar

September 09, 2009

"If the founders of Google, Starbucks, or PayPal had stuck to their original business plans, we'd likely never have heard of them. Instead, they made radical changes to their initial models, became household names, and delivered huge returns for their founders and investors. How did they get from their Plan A to a business model that worked? Why did they succeed when most new ventures crash and burn? Every aspiring entrepreneur, whether they desire to start a new company or create something new within an existing company, has a Plan A—and virtually all of these individuals believe that their Plan A will work. They can probably even imagine how they'll look on the cover of Fortune or Inc. magazine. Unfortunately, they are usually wrong. But what separates the ultimate successes from the rest is what they do when their first plan fails to catch on. Do they lick their wounds, get back on their feet, and morph their newly found insights into great businesses or do they doggedly stick to their original plan?"

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