Introduction A business plan is a document that indicates a plan on how an investment is to be conducted. It includes among other elements; generation of ideas, financial and market analysis, strategic objectives, cash flows and profits and loss forecasts. Other elements that may be included in the business plan are a balance sheet projections, competitive strategies and scenario analysis. The aim of venturing into a business according to Ashton (2007, p.120) is to make profits. In this case, all elements of a business plan should be aimed at creating a successful entrepreneurial venture. This paper provides a critical analysis of the elements of a business plan with respect to creating a successful business venture. Generation of ideas Generation of ideas in a business plan refers to the initial stage of defining the type of business the entrepreneur wishes to invest his or her funds in. It is an overview of the general operation of the business venture. The type of goods or services to be offered, the target market and the managerial organization of the business is indicated by this element. In most business plans, this element is referred to as the executive summary. Generation of ideas is a crucial element of a business plan in the sense that it differentiates the business from other operators in the market. This element helps the business operator to secure operational permits from the authorities and help him to generally plan the entire business. For this element to be of any significant importance in creating a successful business venture, the limits of operations of the business should be clearly defined. Defining the extent to which the business wishes to operate helps in planning not only for the infrastructure but also for the finances involved in starting and running the business. Financial analysis Financial analysis of a business plan aims at giving an understanding on the amount of funds required to start and run a business venture. It should include such things as the operational costs, management costs and any other type of cost that the investor may incur when starting and running the business venture. Financial analysis in this respect helps the business operators to plan on the extent of their operations, based on the fact that all business operations require finances either directly or indirectly. For a business venture to succeed, the entrepreneur should include in the financial analysis the current financial position of the business and the anticipated incomes and expenditures of the business (Wickham 2006, p. 125). The worthiness of a business venture is measured in terms of its ability to make profits. Financial analysis on the other hand determines the amount of money to be invested in the business. A research contacted by Boyle (2004, p. 9) indicates a relationship between the amount of investment and the amount of anticipated profits. For him, a heavy investment in terms of finances is expected to yield higher profits compared to lower financial investments, with all other factors held constant. Financial analysis also gives a rationale of investing in a given business venture. A good financial analysis will therefore lead to a good planning of the business organization and result to the success of the business venture (Deakins, 2007, p.112). Market analysis A good market analysis should be a faithful representation of th