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Business plans are the difference between a business that succeeds and one that does not. While the entrepreneur must develop her own plan, it is essential to have the plan reviewed by professionals, and modified accordingly. Business plans, and business planning, are an essential part of doing business. As defined in your textbook, a business plan is a written document that identifies a company’s goals and outlines how the company intends to achieve the goals and how, through business process improvement, the company intends on staying profitable. Business plans are used to attract capital. But there are exceptions, and often the difference between annual plans and business plans becomes muddled.