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642 European Entrepreneurshipn 2. 1. 4. Launching and growing a successful businessDeveloping a business plan is not necessary at the outset, although it cansometimes prove useful in terms of discipline for entrepreneurs. In fact, thebusiness model already created is an excellent stepping stone to the businessplan. The business model contains many of the essential elements that need tobe considered before or at the start of the business launch. In this way, thebusiness model becomes the basis of the business plan, which is expanded anddetailed accordingly and in accordance with the required forms and informationfor submission, whether it will be presented to a bank, a business angel, aninstitutional investor, a venture capital fund, as part of a project to apply forEuropean or other funding, or otherwise. However, it is preferable to maintainflexibility and adaptability to the business environment and business constraints.No matter the addressee, a business plan traditionally entails several generalsections, such as: executive summary (summarising key points such as thebusiness concept, market opportunity, competitive advantage, financialhighlights, and key objectives), analysis and description, and appendix (e.g.CVs of key team members, product brochures, market research data, legaldocuments, or letters of intent from potential customers or partners). Theanalysis and description sections highlight the company and core business(e.g. products or services, target market, and any unique features, as well aslegal entity), the external environment (e.g. PEST and SWOT analysis, marketanalysis, competition, and competitive advantages), marketing and salesstrategy (e.g. target market segments, pricing strategy, distribution channels,promotional activities, and customer acquisition plans), finance (e.g. financialforecasts, including income statements, balance sheets, and cash flowstatements, break-even analysis, and funding request), risks analysis (e.g.market risks, operational risks, regulatory risks, or financial risks, strategies forrisk mitigation), the team, and practical steps and a timeline (roadmap) for theimplementation of the business plan. Basic interactions between the businessmodel and the business plan attributes are presented in Fig. 2.1.10.