Business plans vs. business models.

Serial entrepreneur and Berkeley Haas School of Business professor Steve Blank has some business plan advice for start-ups: "no plan survives first contact with customers." Using a few former business school students as examples, Blank compares one team that spent three and a half months building and testing a business model to another start-up team that spent four months crafting a plan and honing it into 15 perfect PowerPoint slides that quickly fell apart in the real world. The first team "didn't spend a lot of time justifying their assumptions because they knew facts would change their assumptions," says Blank. Instead, Team One got critical feedback on their hypotheses and tested landing pages, keywords, and other critical assumptions. Only after that did they go the PowerPoint route. Blank isn't suggesting giving up business plans altogether. But plans are made to be rewritten, not stay static.

Source: http://www.inc.com/staff-blog/to-fib-or-not-to-fib.html