In conclusion, for the success of an entrepreneurial venture, the owner has to be more sensitive on the business plan of the firm. A business plan has been identified as a foundation, or rather a springboard, towards the establishment and growth of a new business. Running a business without a business plan is like someone roaming in a road aimlessly not knowing the direction to moving to, and where to have a stop. Lack of a good business plans will lead to loss of the fundamental variables determining the success of the firm. The business plan is always a selling document to the outsiders a good communication tool through which the business can communicate the sales, marketing, and operation plans to the investors of the business. Therefore, as an entrepreneur a good and effective business plan is required for smooth management of the venture. In addition, the strategies an entrepreneur uses in the discovery of business opportunities have much impact on creating positive performance of a new venture.