Corporate Entrepreneurship: How to Create a Thriving Entrepreneurial Spirit Throughout Your Company

Development of the Business Plan

With the opportunity identified and evaluated, all entrepreneurs need to specify the business concept. The business concept for a new product, service, or process specifies the innovative and creative approach for capitalizing on the opportunity. A good business plan needs to be developed to capture the defined opportunity. This is a time-consuming phase of the entrepreneurial process and varies according to the context. For example, the business plan for the entrepreneur start-up is different from the corporate entrepreneur business plan, which also differs from the social entrepreneur business plan (see Tables 1.3, 1.4, and 1.5). A good business plan is essential to capturing the opportunity and determining ...