Importance of planning is crucial for each individual, his personal and business development, but also for all entrepreneurs to determine direction of their activities and goals they want to achieve. The role of planning is to help enterprises to define a clear business goals and reduce probabilities of failure. This final paper consists of a theoretical and a practical part. Theoretical part of the paper gives an overview of the planning in literature, information about process, elements of business planning and the importance of making a business plan, especially in small enterprises and new business ventures. For small enterprises and start-up entrepreneurs, planning is a breaking point between where they are now and where they want to be in the future. At this breaking point is also small family enterprise “Ivkovic Ivan“, for whose business venture was developed business plan in the practical part of this paper. The main activity of the small family enterprise “Ivkovic Ivan“ is manufacturing and sales of agricultural products, with strong focus on organic manufacturing of industrial hemp for production and sales hemp oil, flour and protein powders. Thanks to his expert knowledge and experience, owner of this enterprise has recognized many opportunities in agriculture and turned them into to business venture to prove that agriculture is key for development in our region. In its daily operations, as well as every other company, enterprise "Ivkovic Ivan", faces with numerous risks and obstacles. The aim of this paper is to prove that business plan is the most important tool for recognizing all risks which potentionally could prevent the achievement of entrepreneur's goals, allowing them to minimize the risks by choosing alternative strategies.