ABSTRACT
The type and extent of the company’s strategy and its implementation are presented in a business plan (Benzel and Wolz 2000; Ludolph and Lichtenberg 2002; McKinsey & Company 2007; Stutely 2007). Its aim is to provide a convincing argument for financing an innovative idea or expanding current activities. The plan gives a solid factual explanation of the envisaged undertaking expressed in clearly understandable terms, since the intended audience may not necessarily have expert knowledge of the subject. A good business plan presents the new and promising elements of the proposed business strategy in such a way that it is comprehensible and convincing for outsiders as well as insiders, and it should arouse their interest in the project.
