The Business Plan is a written explanation of the company's business model. A Business Plan is a summary of how a business intends to implement activities necessary and sufficient for the venture to succeed. Business plans are used internally for management and planning and are also used to convince outsiders such as banks or venture capitalists to invest money into a venture.
Business plans quickly become out of date. One common belief is that it is not the actual Business Plan that is important as much as the process of constructing it.
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