The Venture Capital (VC) sector is the backbone of innovation and is crucial for the transformation of unique ideas into valuable business enterprises. Without venture funding, firms such as Google and Facebook would never have even existed. Individuals with a unique business proposition often seek external seed funding in order to invest in necessary resources that can facilitate idea transformation into sustainable business models…
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As such, a business plan contains elements of the concept, operational effectiveness, strategic direction and financial estimates. In most cases, venture capitalists insist on having a thorough analysis of all risk factors and an evaluation of all possible sc...enarios that can affect the company’s growth. Today, the venture capital industry has not only emerged into a major driver for economic growth and stability, but has also evolved into one of the major sources of job creation and innovation (Silver, 2009). Thus, the importance of a business plan in this context is very important and must be thoroughly investigated. Besides serving as a benchmark for possible funding, the business plan provides an investor with an overview of the company’s estimated value and offers a set of milestones that the entrepreneur aspires to achieve during the funding period (Landstrom, 2005). Further, a business plan provides investors with an overview of possible methods through which they can earn a decent return on their investments. Given the numerous objectives realized through the development of a business plan, it is believed that understanding its significance can be beneficial in managing a business successfully. Besides, gaining an insight into business plans will provide an overview of the expectations and potential areas of investment that will be explored. Thus, besides helping young firms secure funding, the proposed study will also be useful for guiding mature companies in their daily activities (Sherman, 2012). Such knowledge is also relevant in the case of project financing as there is a constant need for monitoring the progress of the project and taking necessary steps by comparing current scenarios against established benchmarks. Given the wide range of business areas that can be served through the use of business plans, it is important to understand the prominence of business plans in promoting entrepreneurship and modern finance. 2. Literature Review The literature review has been undertaken with a view to understand the relevance of business plans for funding purposes. In addition, information on the recommended contents of such plans was also obtained from various secondary sources. While the proposed study provides information on the specific contents of a general business plan, the following paragraphs shed some light on some of the qualitative factors that entrepreneurs must consider when developing their business plans. According to Berkery (2007), entrepreneurs who successfully secure funding need to encompass many details into their business plans. Most importantly, a business plan should provide the perfect ‘positioning’, convincing the venture capital investor of its success and profit potentials and its place within the overall industry. For example, seeking investments to develop ideas based on social networking (such as Facebook, Dropbox, Instagram) etc., are likely to receive greater approval than those that seek to develop unique technology for the defense sector (Blair, 2008). In
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