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It is definitely not the most exciting part of starting a business. In fact, if you are like a lot of entrepreneurs, you are probably going to find yourself pulling a few all-nighters to get one done before heading into your first pitch for funding. Because that is the thing--your business plan is a pretty important.

A business plan gives an outline of your business, the market in which it will operate and how it aims to make money - and should answer this question: why will your business succeed when so many others fail?

Any funder worth his or her salt wants to see it right off the bat. Moreover though, a solid business plan is a living document that will continue to guide your efforts as your business grows. A lot of those mistakes (most of them, in fact) are the result of poor planning. Bad location, a marginal niche, having no specific user in mind, raising too much or too little money--all of these issues can be prevented or at least mitigated with good planning.

Ownership and Management Plan. This section describes the legal structure, ownership, and (if applicable) the management, and staffing requirements of your business.

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