Opinion

Business execution should be a priority

Most people who have conceived a new business idea have been told, “Make sure you have a good business plan.”
The elements of the ideal business plan are fairly common and cliche: marketing and advertising strategies, identifying the target audience, research of the target audience’s consummation trends, and the list goes on.
While it sounds good, this often has an adverse effect. It contributes to what is known as the analysis paralysis.
Analysis paralysis ensues when people spend so much time thinking about their business plans that it hinders the actual work of bringing the business into fruition.
The made-up financial projections, target audience surveys and exploration of competing businesses are time consuming and expensive.
The following entrepreneurs did not have a business plan, but still went on to experience entrepreneurial success: businessman Robert Croak encountered animal-shaped rubber wristbands on a business trip to Japan and decided to market the bands as kids’ accessories in the U.S. creating Silly Bandz; engineer Lonnie Johnson had the idea to make a water gun after noticing the force at which water shot out of a nozzle during an experiment in his sink and that water gun later became known as the Super Soaker; Mark Zuckerberg is self-explanatory.
Execution of a business should not take a back seat to developing an extensive business plan. Don’t let the extensive analysis of these elements bog down the execution of your future business plans.
Carrying out your entrepreneurial ideas is the strongest business plan you can have.

Christopher Ivory is a first-year law student.

April 12, 2012

Reporters

Christopher Ivory


Around the Web
  • Miami Herald
  • UM News
  • HurricaneSports

It was a good day for the Miami Hurricanes basketball team. They moved up to No. 6 in the AP Top 25 ...

Erykah Davenport and Shaneese Bailey made key plays back-to-back late in the game and four players s ...

1. MARLINS: Jeter's Fish trade Gordon. Stanton next?: While others spend -- like the Angels to ...

A six-pack of Hurricanes notes on a Thursday: ▪ With the first ever early signing period just two we ...

University of Miami coach Mark Richt and Wisconsin coach Paul Chryst sat on a stage poolside at the ...

A scholarship created by retired Major League Baseball star Alex Rodriguez and born out of his love ...

New Multi-State Institute Focuses on Reducing Damage from Severe Storms ...

Daniela Deu was drawn to both architecture and urbanism, believes architecture can change communitie ...

Canes Basketball player development assistant will graduate with MSED in Sport Administation. ...

UOnline graduate will earn his M.S. in Health Informatics ...

Two Hurricanes receive AVCA All-America recognition for first time since 2014. ...

Coming off its first top-25 victory of the year, the Miami women's basketball team will play it ...

Hurricanes earn highest ranking since March 2013. ...

Walker IV recorded a career-high 26 points, seven rebounds in the win over Boston U. ...

The University of Miami women's basketball team earned an impressive 65-54 win over No. 20/23 K ...

TMH Twitter Feed
About TMH

The Miami Hurricane is the student newspaper of the University of Miami in Coral Gables, Fla. The newspaper is edited and produced by undergraduate students at UM and is published weekly in print on Tuesdays during the regular academic year.