For such a person the importance of a business plan can be limited though not essentially irrelevant.
A business plan generally consists of cover page along with a table of contents and an abstract. It further has a description or an introduction, an analysis of the corporate environment along with a detailed study of the industry such as banking, finance, toys or even a home based business like the online service provision or domestic manufacturing. Next it will have a competitor analysis which would give a description of the nature and the extent of the competitive environment. It will also have a marketing plan, a financial plan, operational and management strategy, a policy approach and finally alternative possibilities of change (Berry, 2008). A potential entrepreneur will have to consider a number of possibilities and probabilities before he launches the operations connected with the business. Therefore he has to consider a number of things to be initiated before the actual business activity starts. A business plan is primarily important due to the following reasons.
In the first place a potential businessman or an entrepreneur ought to have a well defined approach to understanding the kind of business that he or she is going to do. For example a potential businessman has to gather as much information as possible on the business environment and the nature of the industry before he himself set up the business. This will be helpful to him by way of creating a certainty about what he is going to do. The inability to clearly define the nature of the business and understand the connected implications often leads to business failure.
Secondly a business plan enables a potential businessman to identify and isolate the type of relationships that he will have to develop once the business is launched. For example a sole proprietor operating from home would still have to deal with a bank or a number of banks, a supplier or a number of suppliers, a ...
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