In developing a business idea, there is a need for potential entrepreneur to adopt a carefully moderated and intelligent approach.
Business Plan (or Feasibility Report)
Planning is a process that never ends for business. It is extremely important in the early stages of any venture when the entrepreneur will need to prepare a preliminary business plan.
There are different types of plans that may be part of any business operation. These include financial plans, marketing plan, human resource plan, production plans, sales plans etc. Plans may be short term or long term or may be strategic or operational. Whatever the type of plan or the function, plans have one important purpose; to provide guidance and structure to management in a rapidly changing market environment. 

Read more: https://www.entrepreneurshipsecret.com/why-do-you-need-a-business-plan/