RESEARCH NOTE: The critical role of a Business Plan in entrepreneurship

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Getting a business idea is easy. Making a business case out of it is the difficult part. The Business Plan asks
tough questions. Does the idea have in it the seed to become a
real business? Building the business plan is the first step to know if the idea can indeed turn into a
sustainable business
A Business Plan serves at least five purposes.
1. It helps to
systematically conceive, develop, and implement a business idea.
2. It provides
structure to the thinking and helps make sure that all important areas are covered.
3. It prompts planners to think about the situations
arising in the future.
4. It helps to
communicate the idea.
5. Finally, a business plan helps to
evaluate the feasibility of the idea in an objective & critical manner.
Read the full note.