• The intention originated in an entrepreneur about a product which could satisfy a need or a want of an individual or an organization is known as a business idea.
• A decision should be taken about a business opportunity through macro and micro analyses of those business ideas.
• A business plan should be prepared for that finally selected business opportunity.
• A business plan is prepared for a new business opportunity and also in following
  occations:
  • When expanding a prevailling business
  • When amalgamating businesses
  • When modifying a business
  • When purchasing a business

Importance Of  Business Plan

• To guide the business operations
• To give an awareness about the business to the interested parties
• To get financial facilities required by the business