Business Plan: A Road Map for a Successful Entrepreneurship

Abstract

It is a historical fact that most entrepreneurs both in small and big business ventures have failed to progress and sometimes folded up as a result of lack of knowledge of a business plan. Some of them who had the knowledge of business plan did not put it into practice. Poor writing of a business plan and outright neglect to it therefore is one of the challenges facing entrepreneurs especially, the small scale enterprises in Nigeria. The focus of this paper is to give hindsight to the writing of a good business plan and to outline a comprehensive method of writing it. The justification of this paper is that, as a road map that directs entrepreneurship operations, a good business plan is a must to any prospective venture creature which must be consulted periodically to measure the progress or otherwise of the business. The business plan shall also be edited as time progresses. This paper shall rely on the available secondary sources that treated business plan in Nigeria and beyond. Available literature revealed that most entrepreneurs do not have sufficient knowledge of business plan while few, who had written business plan, did not apply them. The study recommended that efforts shall be made to educate entrepreneurs on the importance of business plan.