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 is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.
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