![Featured Blog Image](https://cdn-api.jetadmin.app/media/static_files/projects/admin_panel_3382/krakenimages-376KN_ISplE-unsplash.jpg)
Four Key Benefits of Having a Business Plan:
- Chart a Direction for Your Business or Brand
- Establish and Achieve Key Milestones
- Assess Required Resources
- Outline Potential Income Sources
Common Pitfalls in Starting a Business:
The Three Observations of Early Business Failures:
-
Lack of a Structured Framework: The initial excitement often leads to premature investments in equipment, software, and domain names without a solid foundation. Without a clear framework, stress levels can escalate, causing a loss of momentum as the business journey continues.Eventually, without a systematic approach to manage the business, enthusiasm wanes and initiatives may stall.
-
Lack of a Defined Plan: Often results in extensive discussions and theoretical learning without a practical push necessary for tangible outcomes and experiential learning.
-
Absence of Accountability: According to a study by the Association for Talent Development, the likelihood of achieving a goal increases significantly with specific steps:
- Merely having an idea or goal: 10% likelihood of achievement
- Making a personal decision to accomplish it: 25%
- Setting a timeline for the task: 40%
- Outlining a strategy for execution: 50%
- Committing to another person that you will do it: 65%
- Arranging a specific accountability meeting with a committed individual: 95%