Fundamentals of Management, 11/e

What Planning Do Entrepreneurs Need to Do?

16%... how much more likely entrepreneurs who write formal plans are to achieve viability.25

Yes, planning is important to entrepreneurial ventures because it can increase the odds of success. Once a venture’s feasibility has been thoroughly researched, an entrepreneur then must look at planning the venture. The most important thing that an entrepreneur does in planning the venture is developing a business plan—a written document that summarizes a business opportunity and defines and articulates how the identified opportunity is to be seized and exploited.

For many would-be entrepreneurs, developing and writing a business plan seems like a daunting task. However, a good business plan is valuable. It ...