There are numerous instances where it has been said that an entrepreneur needs a business plan compulsorily which has also turned out to be not so true in many cases. Regardless of what a commoner would say, lets see how it is from an entrepreneurs perspective. According to a study, most successful entrepreneurs have a few traits in common like flexibility with uncertainty, being focused and skill to execute, right delegation and detailed orientation (Khosla, A., & Gupta, P. 2017). An entrepreneur knows his way and has things planned on its path but is always ready for the uncertain. Entrepreneurs in this day and age are able to run their start-ups much more successfully than many MNCs are able to. There are multiple companies getting inspired by the way new age entrepreneurs run their business and are trying to implement their ways into it. On multiple accounts it has been seen how entrepreneurs have outperformed the industry and their own expectations and had t
o deviate from the plan to make a new one (regardless of the fact they had a rigid plan in place but were flexible enough). Lets take Elon Musk for example, SpaceX which is one of his space research and mission companies carried out more than 6 failed launch attempts after making a successful one. The same was seen with Tesla which is also a company operated by Elon Musk. It is rightly said by him When something is important enough, you do it even if the odds are not in your favour (Timeline, 2019). The reason for mentioning the above example is despite of an entrepreneur like him who is usually with plans to run companies involving space missions there were uncertainties on the way, the company found alternatives and ways out of it to eventually succeed. Industry leaders like NASA and automobile industry leaders like Volkswagen and group have taken notice of Elons company making remarkable achievements despite of not having even half of their funds comparatively.