The Importance of Business Plans

A well thought out business plan "is an essential must-do for start-up ventures... required for any credit or other financing" and capable of keeping an entrepreneur "focused on what you know will create success" (Allen, 2009, p. 1). Business plans for entrepreneurial ventures are important because they not only provide a detailed statement of what the business is designed to do and how it will accomplish these goals; they also are useful in identifying the best team members, directors (if a public company is expected), and value-added investors.

Business plans are "used by investment-seeking entrepreneurs to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or sim

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