Can Business plan inhibit a business growth?

It is gospel truth in business management to create a business plan before plunging in to the business practically. But counterfactual statements exists which says that business becomes strictly defined because of a business plan and in may cases the core competencies are not recognized and the business doesn’t flourishes the way it was suppose to. However, a basic plan can be conducive for the start up plans to give a good start to precede their business. But making an elaborate plan of 3 to 4 years can inhibit the whole process of the business. I have heard many people say that they need a solid business plan to make money. But setting a business plan against the backdrop of practical life will make this statement a farce. I am not touting against planning a business or defaming any business plan but plenty of business opportunities get lost when a business runs according to a strict plan.

PayPal which is presently the leading ecommerce business actually initiated with a different aim in mind. The company endeavored to create a software application for business security. However, as Max Levchin, co-founder of Paypal, proceeded with the business security need he found a great opportunity in the industry of mobile payment and leapfrogged its contenders. Soon the company found its niche in the arena of eCommerce as it provided a safe and secure money transfer system through web.

There can be hundreds of debate on this post that will say that a business plan is the prime tool that can offer a business owner to receive funds from the angel investors. But whatever be the argument, on cannot deny the fact that businesses evolve with time and while being in the process of evolution a business must absorb all the opportunities that come in its way. Hinging on to a strict and well defined plan will arrest the evolution of the business and it might lose the chance to be an industry leader.