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No Plan Survives First Contact With Customers – Business Plans versus Business Models

Steve Blank

He said, “After we graduated we took our great idea, holed up in my apartment and spent months researching and writing a business plan. We even entered it in the business plan competition. Then they had a five-year P&L statement, balance sheet, cash flow and cap table. It was an exquisitely crafted plan.

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Setting Up Your Accounting System

Feld Thoughts

Build a financial model that forecasts the P&L. Tie the P&L forecast to the Balance Sheet and Cash Flow Statement and generate snapshots of what the Financial Statements will look like each year for the next 5 years. Tie each round of funding to a set of key milestones in the development of your product/business.