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The business plan

In this step, we outline the nature of business plans.
business plan - handwriting in a spiral notebooks against grunge wood
© Coventry University. CC BY-NC 4.0

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).

Your task

Reflect on your experience with business plans and share your thoughts in the comments.

References

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

© Coventry University. CC BY-NC 4.0
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Systematic Literature Review: An Introduction

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