Entrepreneurship Management

Writing a business plan is so important for a business because it serves as a design for building a successful company. There are many reasons why business plans fail; however, I found some that to me are really important to take in consideration when designing a business plan. For example, a lot business plans do not target potential investors properly, fail to identify the objectives, or sometimes even fail to review and update the plan. A business plan can also fail when it lacks of an adequate marketing analysis, or lacks a plan on how to react to the market conditions which are always changing. Some business plans focus on the service or product too much and fail to understand how to actually generate sales. Sometimes the business knows there is a demand and need for their product or service, but fails to get to know really well the competition and fails to create a pricing plan. I believe the probability for a business plan to fail can be considerably reduced if these points already mentioned above are considered and taken seriously. Setting realistic and achievable goals is also essential in the progress and success of a business plan. A really well implemented market research is imperative and vital part of a business plan; a business must understand the competition and the marketplace and develop a plan accordingly.