Business plans promote realism about prospects

Experts say that out of the thousands of new businesses that start each year, half will be gone within a year, and in five years only five will remain standing.If you are going to be successful in business, you need to have more than just an idea. In addition to perseverance and a little luck, you need to have a plan — a business plan.
While it is true that many successful business enterprises did not have a plan starting out — Reebok International and Mrs. Field˜s cookies are companies that did not have a formal business plan — most…