A proper business plan is devised through extensive market research, an absence of which results in the inclusion of out-dated and incorrect market information that can discredit the reliability of the entrepreneur in no time. Lack of research clearly shows that the entrepreneur is not successful in aligning the business assumptions with facts. Having a unique idea is a plus point for a business; however, it must not distract a person from the fact that many successful ideas are not based on unique insights but common sense.