Is there a foolproof plan when it comes to business?

[Ayojesu]

do not be deceived, there is none, just gather as much experience and capabilities before you start you intended business, also take advice from professionals in that desired field, then launch out

 

[Smiles20]

Whenever it relates to business operation, there is no infallible strategy. The greatest you can do is arm yourself with the needed information, research and pick up tips coming from different industrialists.

I have always advised that's seeking mentorship is one of the best ways to go in business. There are so many hours that you were going to spend researching that you can just learn it from somebody who has done it before.

 

[Gandiba1]

Well I think a foolproof is not a bad idea, but when you make it in form of business plan, that will be better. Because business plan also minimize the cost of lost when it comes to business.

 

[tyrim88]

In establishing a business, there is no way you can set up a venture that will be free from the issues that is generally associated with business operations, the only thing that you can do is to minimize the risk factors.

 

[Kane]

In a business, there is no such thing as a foolproof plan. All businesses are prone to risk. In fact, over 60 percent businesses collapse within two years and only 10-15 percent businesses survive more than 5 years.

 

[Planbizzle]

I wish we have such a thing so that everyone can do some or the other business. However, I don't think such a foolproof plan exists in the business world. It's all about coming up with an idea that would work(based on the current requirements) and establishing it in the right time, with a bit of luck.

Apart from that, I can't think of anything else. What about you guys?

Do you think a foolproof plan exists so that no one would face loses when it comes to doing a business? Or do you have any tips to minimize the loses in business? If so, please share them here.

There is no fail-safe company strategy, but there are several actions you can take to improve your chances of success. They comprise conducting in-depth market and industry research and analysis, creating a complete business strategy, putting in place the proper infrastructure and systems, assembling the ideal team, and modifying your plans and tactics as necessary.