An entrepreneurial idea or undertaking of any kind, that requires additional funding, implicates a specific, written document, also known as a business plan. Primary purpose of this specific document is helping entrepreneurs persuade investors to fund their project, while taking into account potential risks of the project. Business plan clearly states the entrepreneurial idea, its effects, but also resources and methods planned in order for the project to succeed. Besides, the plan provides basic information about the investor, their financial position, as well as expected positive changes in status after the funding period. Finally, and what's most important for investors, it shows investment efficiency levels based on estimated returns. Since business planning is such an important function, business plan has to be well-thought about and every strategic aspect has to be covered. Otherwise all the other business processes will go south. Of course, a fore mentioned doesn't mean that business plan is a surefire recipe for success. Still, without quality planning, efficient and effective business becomes significantly harder to accomplish. That is also the reason lots of good business ideas go to waste – low quality business planning. This graduation paper emphasizes planning as an important part of starting a business or a project. Furthermore, business plan is an important strategic document, useful to entrepreneurs for making their idea become reality and a tool, with which the person asking for funds will present their idea to investors, and their goal being of course persuading the investors about the project beneficiality and sustainability. Finally, empiric research contains an „EUROPA EU“ business plan, while 5K method of risk assessment is focused.