The Successful Business Plan and Why it Matters
Eddy, Nathan W.
MetadataShow full item record
Some business owners and entrepreneurs believe it is not necessary to write a business plan. This is one of the main reasons that almost ninety percent of the 1 million businesses started in the U.S. fail every year. They, however, are unaware that a recent survey involving thousands of small business owners showed that those who wrote business plans were twice as likely as those who didn't to grow their business into a successful one. This paper shows benefits of writing a business plan when trying to start and grow a business. Research done to write this paper included analyzing 2 textbooks, a real business plan of a very successful new business, and several scholarly articles, one of which included a very recent survey proving the increased chance of success coming from written business plans. Business plans provide owners with goals, ways to adjust to market changes, in-depth cost-benefit analysis and how to continuously improve their good or service and method of production. The most important aspect of this paper is the proof that writing a business plan greatly increases the chance for success of a business.