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The traditional approach of writing a business plan is considered outdated and a waste of time by many startup founders. Instead, focusing on validating business premises is key in the early stages. New frameworks such as the Lean Startup are seen as more effective in building companies. Business plans often consist of a lengthy document outlining future objectives, strategies, market size, team, and financial plan. The emphasis should be on adopting a more agile and dynamic approach to starting a business.