"Writing a good business plan can't guarantee success, but it can go a long way towards reducing the odds of failure." Elucidate the importance of a business plan in this context.

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The business plan: a) helps in determining the viability of the venture in a designated market. b) helps in providing guidance to the entrepreneur in organizing planning activities - identifying resources, obtaining licenses, working out legal requirements. c) helps in satisfying concerns of each group interested in the venture. d) provides room for self-assessment and self-evaluation. e) helps realize unavoidable obstacles suggesting termination before further investment. f) serves as tool for funds procurement.