Well, it’s that time of year; the end of the year that is. Time for holiday cheer, budgets and for a rare few, strategic planning. I say for a few because I’m frequently surprised at how little I hear from the VC community and VC-backed CEOs about strategic planning. When I do hear about planning, it is usually an entrepreneur or VC trying to explain to me why it is not necessary. The rationalizations go something like this:
Planning is for big companies.
Our space moves too fast to plan; if we define a strategy we’ll just have to change it in a couple of months.
We’re small, nimble and well-coordinated so we don’t need to plan.
Some years ago, I promised myself I would start a blog, but only after I crossed the chasm of having been in the venture business for five+ years. After all, what could you possibly have to say that is of interest to anyone before you’ve seen a few great outcomes and a couple of disasters. Well, I’ve now been in the game for over six years and I’ve finally gotten off my duff to get this going.
I’ve learned a lot in my six years in the business. The first thing I’ve learned is that I have a lot more to learn. Failure is part of the system; you can not be a VC without encountering frequent failure. I’m pretty comfortable with that; the trick is to learn from your mistakes and learn fast.