The document outlines key reasons for creating a business plan, including helping to thoroughly think through ideas, research facts, and critically examine assumptions. It notes that completing a quality plan typically takes several weeks and time spent on research and rethinking is valuable. The document also lists 11 elements that should be included in a comprehensive business plan, such as an executive summary, marketing plan, financial projections, and refining the plan.

1. Business Plan for a Startup Business
The real value of creating a business plan is not in having the finished product in hand; rather, the value
lies in the process of researching and thinking about your business in a systematic way.
You will be judged by the quality and appearance of your work as well as by your ideas.
Why should I plan my business?
The act of planning helps you to think things through thoroughly, study and research if you are not sure
of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous,
mistakes later.
It typically takes several weeks to complete a good plan. Most of that time is spent in research and re-
thinking your ideas and assumptions. But then, that’s the value of the process. So make time to do the job properly. Those
who do never regret the effort. And finally, be sure to keep detailed notes on your sources of information and
on the assumptions underlying your financial data.
Note: Don’t forget to do Refining of the Plan. It is important to emphasize certain areas depending upon your type of
business (manufacturing, retail, service, etc.).
What should you not forget to include in a Business plan?
1. Executive Summary
2. Management and Organization
3. General Company Description
4. Products and Services
5. Marketing Plan
6. Operational Plan
7. Personal Financial Statement
8. Startup Expenses and Capitalization
9. Financial Plan
10. Appendices
11. Refining the Plan