The business plan
The role of planning in success is well regarded by many famous historical figures.
Take the artist, Pablo Picasso, for example:
Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.
When evolving a business idea, it’s important to create a structured plan.
A person setting up a new business will usually create a document known as a business plan. This outlines the structure of the business and how it intends to operate over a specific timeframe (Sellars 2009). Think of it like using a map to get to a destination.
Business plans outline multiple aspects of a business, including:
- Background to the concept
- Opportunity evaluation
- Potential risks
How does a literature review fit in with a business plan? A systematic literature review can help with a business plan, as the research base can inform on the relevance of a business idea (Ferreras, Hernández, and Serradell-López 2017).
Reflect on your experience with business plans and share your thoughts in the comments.
Ferreras, R., Hernández, A. B. and Serradell-López, E. (2017) ‘Entrepeneurship Competencies in Business Plans: A Systematic Review’. Revista Internacional de Organizaciones 18, 57–72
Sellars, D. (2009) Business Plan Project: A Step-by-step Guide to Writing a Business Plan. New York: Business Expert Press
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