Question of the Day: How much more likely is a business to launch if the founder creates a business plan?
Thinking of skipping the business plan to save time? You might want to think again.
Answer: A business with a business plan created is 260% more likely to launch
Questions:
- Why do you think having a business plan increases the likelihood of a business launching successfully?
- Why do you think investors are more likely to invest in a business that has a well-structured plan in place? How can a business plan instill confidence in potential stakeholders?
- Consider various types of businesses, such as technology startups, retail stores, or service-based companies. Do you think the significance of a business plan varies across different industries? Why or why not?
Behind the Numbers (BusinessDIT):
Insightful Business Plan Success Statistics:
- Entrepreneurs with business plans are 260% more likely to launch.
- A business plan increases the chances of growth by 30%.
- Approximately 70% of businesses that survive for 5 years follow a strategic business plan.
- 71% of fast-growing businesses have plans.
- Compared to businesses without a written plan, those with one had a 7% higher likelihood of experiencing high growth.
- One study found that only 35% of business owners who were surveyed had finished a business plan.
- Simply put, business plan finishers were twice as likely to succeed.
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NGPF's Entrepreneurship mini-unit will give you lots of tools to get your students thinking like innovators and problem solvers!
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About the Author
Ryan Wood
Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.
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