Failing to plan is planning to fail, or so the saying goes. Then how do successful leaders so often skip the formal business plan? A study of nearly 400 entrepreneurs by Honig and Karlsson in the Journal of Management found the forces pushing leaders to write plans are coercion and mimicry, and that writing one produces no reliable profitability advantage. The real job of a business plan is not to predict the future. It is to give a team shared context to improvise together.

Every founder has a story about necessity forcing genius. The stories obscure the math: failures outnumber successes two to one. New research from Dencker, Bacq, Gruber, and Haas in the January 2021 Academy of Management Review reframes necessity as part of a motivational continuum, not a binary with opportunity. Basic needs, psychological needs, and self-fulfillment each demand a different focus. The process stays the same. The purpose changes. Leaders get to choose which.

Do opportunities exist out in the world waiting to be discovered, or do entrepreneurs conjure them into being through sheer force of will? The August issue of Academy of Management Perspectives opens with Eminem lyrics and then spends five articles wrestling with this unexpectedly practical question. The answer matters more than it sounds. How your organization talks about opportunity shapes who gets rewarded, which ideas get traction, and whether your firm keeps creating the