Dr. Bhide's work shows that it's possible to be successful without a formal business plan. That's not a surprise and it doesn't mean, as your summary seems to imply, that planning is bad.

On the contrary: I respect Dr. Bhide's work very much, and I'd like to think his skepticism about formal planning is very much a part of my approach, which emphasizes the benefit of planning as management, and points out that you don't need a full formal complete business plan as defined by tradition. His work came first, of course, so I don't want to exaggerate, but it does in fact validate what I'm saying, not detract from it.

Actually, the way you put it would be something like using research showing that not all regular joggers live to be 80 as proof that jogging is bad for you. I can't imagine Dr. Bhide himself being comfortable with the way you're summarizing his results.

I suggest you take a shot at reading The Black Swan, a truly excellent book that points out some of the logical fallacies we so frequently take for granted. Like, for instance, confusing the fact that some successful businesses didn't have a full formal plan with the idea that successful businesses don't plan.

I hope you like my book when you get it. I bet you'll agree with the approach. Tim.

For over 10 years I've invited successful entrepreneurs to tell us how they did it at the Denver IDEA Cafe. See link on http://www.JohnWren.com

Rarely has anyone said they started the way I was taught is the "right" way, with formal research and planning.

Long ago, I explained all this in my little book, available right now as a FREE e-book, see link on http://www.JohnWren.com

But I'm open. This new book sounds very interesting. I look forward to reading it!