The value of traditional business planning is under debate. Whether or not writing a business plan is the best way of utilizing already scarce resources at the start of a venture, is questionable. Is there an intrinsic value of a written plan or does the value depend on the specifics of each individual case? Traditional business plans are developed to meet a wide set of needs from different stakeholders. The choice of the entrepreneur regarding which planning tool to use is individual and depends on a number of factors, such as skills, experience, and resource constraints. There is a significant potential for improving success rate by selecting the right tool and methodology depending on needs and preferences. By guiding entrepreneurs, based on their individual requests and environment, a more effective process may be achieved. Our primary research questions are – i) To what extent do serial entrepreneurs use alternatives to traditional business plans? ii) What do serial entrepreneurs find more effective than traditional business plans? iii) Why do they find alternative methods more effective? iv) How do they prioritize between existing planning components?