According to engineers who have built “The Titanic”, even at times of worst imaginable accident at sea, the Titanic would stay afloat for two to three days providing enough time for rescue and help. On April 14, 1912, the magnificent Titanic sank in three hours after sideswiping a massive iceberg and took a huge toll on human lives.
The design flaws were attributed to presence of high sulphur content in the hull steel, the sub-zero temperature of the ocean which has changed the properties of steel resulting in a brittle fracture rather a ductile fracture, the water tight compartments of the ship which has held the water leading to increased weight causing the ship to sink in vertical manner etc.
Nano a mechanical marvel whose birth has been seeded by a visionary underwent millions of challenges before crawling in to this world. Components were re-engineered, people were transferred to different locations, project site got shifted due to political influence and more than 15 billion dollars were spent for the product development. But the most hyped Indian car failed in the market due to poor branding as the cheapest car which was misconstrued by the market as poor people’s car.
The above examples explains us the importance of incorporating a failure-proof business plan which endures any odds posed by the fluctuating business situations. While titanic failed to deliver the core benefit (Structural failure), Nano failed because of the augmented benefit (Brand positioning).
A successful business should identify, evaluate and incorporate all the critical success factors essential for successfully running a business. The impact of one decision to the other related factors should be carefully examined in a long-term perspective.
A business plan should describe plans for various functions viz. marketing, operations, finance, supply chain, etc. Defining these essential elements of a business venture helps demonstrate the sustainability of the entrepreneur’s ideas.
Creating a business plan requires critical thinking of complex business problems and intense research on the nature of the industry and competition. The business plan should act as a guide for the entrepreneur under complex business scenarios and aid decision making when circumstances necessitate.