Essay on the Importance of a

Business Plan

Realized by: Azal Chhibane

A business plan is a detailed outline of every aspect of a business,

usually necessary at its onset, a business plan is more or less a super
intricate futuristic bird’s eye view of a business, and it touches on
essential areas of the establishment; its goals, plans, budget, market
and competitors.

Entrepreneurs stress the importance of business planning in the

creation of their companies, many of them tell stories of how creating
their business plans elucidated their ideas and gave them the direction
they lacked hitherto. Creating a business plan makes any entrepreneur
consider the prospective business thoroughly, pondering to decide and
fine tune the vision and objectives of a company has the effect of
‘bringing it home’ to one mentally, it can cause a flush of ideas for the
entrepreneur because the business has been defined according to
clearly stated realistic targets.

Entrepreneurs refer to a business plan as a living document,

recounting how it grew and expanded correspondingly with their
companies. A business plan serves more or less as a map for the
establishment, it gives the entrepreneur and the team a standard to
measure achievements, to see where they are going and whether their
current direction aligns with the destination, it is a satisfying
experience for any entrepreneur to see ones ideas come to life, even if
it almost never happens as we stated on paper in the beginning.
A business plan guides the entrepreneur in detailing every aspect of
his/her business, its product, production, market, competitors and
profitability, investors can study the business plan and see through the
super intricate futuristic bird’s eye view of the entrepreneur, how the
business will grow and function, thus can confidently decide whether
to invest or otherwise. A well prepared business plan is one of the
most powerful tools in selling a business idea.

A business plan is a crucial first step in any establishment, although

the prevailing perspective is that a business plan is a complex juggling
of ideas, facts and figures beyond the scope of the average
entrepreneur, a business plan is simply a practical representation of
any business idea.