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The video discusses the common inquiry about writing business plans, which the creators advise against. They argue that startups should not invest time in creating business plans early on, as it detracts from essential tasks like validating business assumptions. Instead, they recommend modern frameworks like Lean Startup for building companies. The traditional definition of a business plan includes outlining future objectives and strategies, typically resulting in a lengthy document detailing opportunities, market size, execution, sales plans, team, and financials. However, they believe this approach is outdated and inefficient for nascent businesses.