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The "deadline" motivates and demarcates.
Pretty obviously no sane businessman is going to shut down his enterprise if he is 99 percent there on the "deadline" day, but having a "deadline" inspires activity ("Let's work extra hard and finish by the deadline") and also is needed to construct a sellable business plan.
No one is going to sign on ato somerthing completley open-eneded ("We will probably finsih this phase eventually, and then we will start the next phase which will last ... uhhh, I don't know ... and then we will start the final phase which ends ... whenever.")
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