Business Definition: What Is a Business Plan?

A business plan is a strategic roadmap for any new or growing business or startup venture. Formal business plans are generally required by bank lenders, angel investors and venture capitalists if you’re seeking funding to grow your company. A Lean Business Plan is basically a shorter business plan that you can update easily and often—it’s a great alternative to a business model canvas.

A business plan captures the opportunity see for your company: it describes your product or service and your business model, the target market you’ll serve. It also includes details on how you’ll execute your plan: how you’ll price and market your solution, and your financial projections.

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