A business plan is a detailed outline explaining an approach to a business' operation. Business plans are composed by existing business owners to assist in the development of their business and by prospective business owners to attract investors to fund a start-up business. Because they are an important document in the business world, it is likely that undergraduate and graduate students majoring in business will have to complete at least one business plan in the course of their studies.
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It is important for business students to realize that a business plan is radically different from other types of college and graduate-level writing. It is not an assignment, in the standard sense of the term. It requires extensive research, planning, and revision in the same way that a paper would, but its purpose and appearance are very different. A business plan is not written to argue a position or demonstrate the writer's grasp of a specific business concept. It is, rather, a practical guide that outlines the operation of a business and reveals the business plan writer's knowledge of a variety of business skills and trends.
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