Do entrepreneurs need a business plan to be successful?

Topics: Abercrombie & Fitch, Hollister Co., Gilly Hicks Pages: 3 (1086 words) Published: December 12, 2013
Starting a business can be a very difficult, and I this economic crisis near impossible task even to the most entrepreneurial minded person out there. Businesses are mainly hard to maintain in the first year of the business as it is said the first 12 months are the hardest to survive and It is said that if the business can survive the first year than they are likely to be able to survive, in fact Up to one fifth of the 400,000 businesses that start up each year fail within the first 12 months of operation. This gives an approximate figure of 80,000 businesses failing annually. This is according to the Department of Trade and Industry (DTI) revelations during the Startup Awards. There are many ways businesses can be successful and not slip into the category of failure businesses can make sure they have a good idea this may be a product or a service but whatever it is it needs to be good or the product or service will not sell and therefor the business will fail also to be successful you need to know your customer market so you have a big customer base to buy your products also you need to know your competition if you don’t know your completion then you may become a failure for example if you were to open a soap shop next to the body shop as it won’t sell properly and to its full potential as the customers will choose to buy the product from the body shop as they know the product or they know they can trust the product and people are reluctant to try new things in fear that it might not be worth it so they stay safe and buy from what they trust. Another thing that helps make the business is by having a good business plan. Business plans can be used in some cases but a lot of people do not use them and in my opinion they are crucial to making a business successful a business plan may be frowned upon by a lot of entrepreneurs as they are thought to be a useless waste of time and people think are they worth doing in my opinion I think that a business plan can hugely...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • my business plan Essay
  • business plan Essay
  • why do you need a business plan Essay
  • Successful Entrepreneur Essay
  • Essay on Simple Business Plan Outline
  • Business Plan BonChon Essay
  • WHY do business internationalise Essay
  • A Successful Entrepreneur Essay

Become a StudyMode Member

Sign Up - It's Free