"No plan survives first contact with customers", Steve Blank. Traditionally, businesses began with a detailed [[business plan]], assuming that thorough research and planning would lead to success. However, this approach often fails because no business plan survives first contact with customers. The early stages of a startup are unpredictable, and rigid plans can quickly become obsolete. Instead of relying on business plans, startups should approach planning and strategy by defining their [[business model]], often represented in a [[Business Model Canvas (BMC)]]. This tool helps entrepreneurs organize and test their hypotheses about various aspects of their business. By iteratively validating these hypotheses through real-world interactions, startups can adapt and refine their models. The Business Model Canvas serves as a dynamic scorecard that tracks progress and learning. ## Activities - Watch the video [Strategy - How to Build a Startup - YouTube](https://youtu.be/rr4g-JxGQoM) Next: [[Waterfall versus agile development]] Back to [[Key Concepts on EITT]]