These entrepreneurs are very crucial factors for economic growth and development as they lead the entire society to the future growth and prospects. Every successful entrepreneur is having some distinct features but there are certain common qualities that must be present in each entrepreneur. Many scholars and researchers have studied the nature and traits of entrepreneurs and they have identified a number of such skills. However, some of the essential traits are leadership, initiatives, planner, risk bearer, opportunity explorer, creative, specific & clear goals etc (Kumar, 2008, p.38-39). There are a number of role models of an ideal entrepreneurs can be found from the past and present evidences. Some of the very popular and successful entrepreneurs are like Bill Gates, Steve Jobs, Mark Zuckerberg, Walt Disney, Rupert Murdoch etc and many more. These people have set examples before emerging entrepreneurs and they are also great source of motivation for the society. Some of the common qualities in these entrepreneurs are that; they are good planners, they innovative and creative; and they have brought multiple social benefits through their innovation.
In the process of starting a new venture, planning is the second most important task after generating a viable and feasible business idea. Success rate of new start-up venture is quite low. The following data shows the survival rate of new venture within one year.
Figure 1: One Year Survival Rates by Firm Size (Source: Timmons and Spinelli, 2009, p.86) Considering the above table, a new business is always exposed to multiple risks, and as due to its vulnerable nature it becomes very difficult to cope with the existing competitive business environment. Therefore, before establishing a new venture, it necessary to develop a realistic and effective business plans. A business plan includes a detailed projection of the business consisting of marketing plan, operational plan, human resource plan and financial plan etc. For enhancing the probability of the success rate all these planning must be logical and feasible. In this process, it becomes very necessary to conduct the preliminary research tasks to explore the opportunities and identify expected threats. Moreover, business plan is also required for many purposes. Firstly, a new business venture requires a significant amount of capital and its major sources are prospective investors and creditors. A comprehensive and effective business plan also includes the financial projection like future income and financial growth etc and it helps to attract investors and creditors. Secondly, it also helps in acquiring legal licenses as it described the nature of business and its environmental impact. Thirdly, a detailed business plan is required for risk management (Covello and Hazelgren, 2006, p.21-24). Before preparing a business plan it is necessary to analyse the market and economic condition based to the business idea. This paper will attempt to present market research for starting the new venture and will also present financial