The following is a list of common attributes associated with a business plan.

  1. A business plan is a summary of how a business or entrepreneur intends to organize an entrepreneurial endeavor and the activities to implement to succeed.
  2. It is a written explanation of the company's business model.
  3. Business plans are developed for ventures in both business and government.
  4. 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.
  5. Business plans are noted for often quickly becoming out of date.
  6. One common belief within business circles is that the actual plan may have little value, but what is more important is the process of planning, through which the owner or manager gains a greater understanding of the business and of the options available.
  7. A business plan is prepared in such a way as to communicate how the company/product serves the customer.