Why Develop a Business Plan ?

 

in the book The Enterprenuer's Manual, Richard M White, Jr. states that business plan are "road maps" for business creation : "You identity your origin, select a destination, and plot the shortest distance between the two points"
true, a business plan is essentially a blueprint for a business. however, it also serves many other purposes :

1. a business plan is a detailed blueprint for the activities needed to establish a business (i.e. the details of a product or service, the market for that product or service, and the management of the business providing that product or service)
2. a business plan is the 'yardstick' by which a business owner measures success in meeting stated goals objectives
3. also, a business plan is a tool for obtaining a loan from a lending agency, or for attracting venture capital