Meaning Of A Business Plan

Meaning Of A Business Plan-53
The more concrete and complete the business plan, the more likely it is to earn the respect of outsiders and their support in making and running an enterprise.Therefore, the business plan needs to be prepared with great care and consideration.In simple words, business plan is a written statement of what an entrepreneur proposes to take up.

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Whether planning an expansion of operations or launch of a new and exciting product, business planning is the necessity of all large and small companies.Writing business plan is especially useful for the entrepreneurs who require financial help from the outside sources like banks and financial institutions.The reason is that the outside sources advance funds to entrepreneurs based on the soundness of their enterprises as reflected in business plans.One of the reasons for not writing business plan is the fear of prematurely closing off the new venture.The major argument made in favour of writing business plan is reducing anxieties and tensions in running business enterprise.Therefore, starting a business without carefully planning it is like setting off on a journey without a roadmap.It can also serve as a great motivational tool when you review the plan to see how far you have already come.to serve as a road-map in setting up a business enterprise.Having gone through the significance of business plan, it is now clear that there is no substitute for a well-prepared business plan or project report and also there are no shortcuts to preparing it.Let some important definitions of business plan be presented. Dollinger has defined the business plan as “the formal written expression of the entrepreneurial vision, describing the strategy and operations of the proposed venture.” According to Jack M.Kaplan, “The term business plan means the development of a written document that spells out like a roadmap where you are, where you want to be, and how you want to get there.”Thus, a business plan or project report can best be defined as a well evolved course of action devised to achieve the specified objective, i.e.

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