It has been a developing epiphany (with credit to Steve Blank) to learn over the last year that:

• a brilliant business idea is not a validated business model, that
• a business model is not a business plan, and that
• a business plan is only a founder’s creative dream and perhaps not a financeable and executable business.

The last part has been a true revelation to realize that the founder’s “Plan” may only be wishful thinking and creative writing. Until bounded and constrained by financing, its only a possible direction the business could develop. It is after the final choice of a funding method and partner(s) that the plan must be evaluated and perhaps thrown away and new business operating and strategic plans created, built around the funding expectations  for achieving milestones and positioning for future rounds.  Here is a picture of my current view of this. I’d welcome your comments.