Dr. Raju Indukoori discusses the key components of a business plan, including an overview of what a business plan is, why it is important, and how to write one. A business plan is a formal statement that outlines a business model, goals, operations, and management plan to achieve goals over a set period of time. It is important to identify opportunities, consider all business facets, and test viability. The composition of a business plan generally includes the purpose, business model, SWOT analysis, management team, financial projections, and funding sources. A business plan should be written for potential investors, lenders, or partners to secure funding and approval.