With the sheer breath and number of businesses that Richard Branson, founder of the Virgin empire, has launched over the years, you might be forgiven for thinking that he no longer needs to write a business plan for each and every new venture.

But even the best known entrepreneur in the world today swears by the value of proper planning. Now, his methods might not exactly be conventional, but you can be sure any new Virgin enterprise isn’t just created on a whim. Its the outcome of a person who continually keeps his fingers on the pulse and is aware of markets that have become uncompetitive. He loves nothing more that to shake up an industry and stir the pot.

But even for Richard, a business plan is critical because it makes sure that any new venture stays on track, avoids distractions, and therefore has the best possible chance of success.