The Purpose of a Business PlanIn this segment of a business plan seminar held at Loyola University, New Orleans, business professor Brenda Joyner explains why it is essential to have a business plan in order to secure financing for an enterprise, whether approaching a venture capitalist or a family member. Joyner talks about the business plan as a means of establishing credibility, capability, and an understanding of the risks involved in the business – particularly in an industry as volatile as the music business. She also discusses the various ways a business plan can be used as a benchmark to measure success and determine the next step in the development of a business.