Imagine a person decided to reduce his weight, has met a dietician or nutrition consultant and received a detailed weight loss plan. But after 3 months there is little or no reduction in his weight. The failure is not exclusively the fault of the program. The person for whom the program is designed has equal responsibility too. Social obligations, home food delivery, fast food hotels induce poor eating habits and the person might fall prey to his desires and consequences are dis-appointment, subdued self-confidence and ultimately failure to reduce his weight.
Similarly, a good business plan might fail when the entrepreneur has not put in his heart and soul into the venture. Plans fail when the entrepreneur does not have strong clarity of purpose or vision.
Intangible plans can become tangible only when the entrepreneur has necessary appetite and determination to succeed. It is essential for an entrepreneur to clearly define his goals, objectives and evaluate his strengths and weaknesses to construct a meaningful and viable business plan.
An Entrepreneur can be an expert at product design and development but if he has little or no exposure in Marketing, finance and other business functions he is bound to fail in his entrepreneurial efforts. A good team is more important than any idea or plan.
In one of the statistical survey conducted from a sample of 1000 Start-ups by Harvard university, entrepreneurs with business plan are 16% more likely to succeed than entrepreneurs without plan. And, high-growth focused start-up entrepreneurs are 7% more likely to plan, while those with ground-breaking ideas are also a tad more inclined (4%) to plan than their peers. The interpretation is that planning is of more profitable when the challenges are extreme.
A good plan coupled with great entrepreneurial spirit are the important ingredients of successful business. People should be utmost priority in any business and plans can become positively tangible only with the efforts of excellent human resources.