A well-written business plan is increasingly becoming a key requirement for obtaining loans from financial institutions on the part of entrepreneurs. In the light of this, the paper attempts to highlight critical issues in the process of designing, developing and preparing an acceptable business plan. Specifically, issues such as the alternative uses of a business plan, users of a business plan, the main ingredients embedded in a business plan amongst others are discussed. The paper maintains that the success of a business operation will critically depend on the nature of its business plan. Consequently, It is envisaged that knowledge gained from this paper would in turn sharpen the skills of potential entrepreneurs in various ways.