Why your business plan won’t make you rich or famous


Searching Amazon.com for business plan books provides over 36,000 results. Few other areas of Borders’ commercial section are as crowded. Why is it? I believe this is because business owners think that if they have a good enough business plan they can convince investors to give them money and make their business grow.

Entrepreneurs like you are constantly on the lookout for the “perfect business plan” quick fix that will get them financing and lead them to the promised land of corporate fortunes. I have bad news for you if this is what you are looking for. A plan, no matter how good, will not make you rich or prosperous.

If running a successful business were as easy as writing a plan, very few businesses would fail. Current statistics show that more than half of all new businesses fail within their first two or three years. This is not news. The majority of businesses have been bankrupt since the first owner laid a shingle. Why? Bad ideas? Poor execution? Some of the two? We don’t always know.

What we do know is that no business has ever failed because it didn’t have a business plan. A plan in itself is of little value. What is valuable, however, is the process of writing a business plan. Writing a business plan requires you to put into words all the ideas and concepts of your business. It takes you to examine your funding, marketing, competition, strengths, weaknesses, opportunities and threats (SWOT). This excellent process will increase your chances of having a successful business in the long run. This is what you are really looking for. If you have this, investors are easy to find.

Source by Michael Keith Clark

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