Perspectives on Learning and Business Plans—More in Common Than Meets the Eye

Abstract

In 2010, Palo Alto Software performed a survey of 2877 people and found that those who completed business plans were nearly twice as likely to successfully grow their businesses or obtain capital as those who did not write a plan.1 Thus, a business plan increases individuals' likelihood of success.2,3 Along the same vein, why would you embark on developing a skill or competency or better some aspect of your learning without developing a learning plan? The self-regulated learner would argue that you would not, and although a learning plan does not guarantee success, it can increase the likelihood of achieving your learning goals.4,–6 This article explores the components of structured learning plans, illustrating that they have more in common with business plans than first meets the eye. Whether you are in a mentor role, helping learners think through a plan, or a learner role, trying to change or redirect your own learning, a plan can provide an organized way of approaching the task. The motivations behind the development of a business plan are myriad but often revolve around issues of starting or redirecting a venture and addressing an issue of limited resources or expenditure of capital in the form of equipment, material costs, and development of a new technology or renovation. In all instances, the underlying theme is the management of change. Learning plans also focus on change. They frequently revolve around such areas as development of a new skill, mastery of a new subject, or addressing a targeted area for improvement. In other words, learning plans often focus on self-regulated learning, “renovating” oneself in a targeted learning area and trying to address the issue of one's personal limitations. The advantages to both types of plans lie in the formal analysis of one's current situation, determining pros and cons of initiating change, assessing requisite resources, creating action, and monitoring progress throughout implementation. The goal is to create a situation that affords one the best chance to succeed. Cohn and Schwartz7 outline typical components of a business plan in their review on the subject for a physician leadership audience. The table compares the components of a learning plan to a business plan and provides an example of how the process might play out. Although the components are presented in a numerical order, many of these may be completed simultaneously and at times in different order. TABLE Typical Components of a Business Plana Versus Learning Plan