This paper deals with the topic of Planning an Entrepreneurial Venture. Planning is an important process on which business success is based and it is explained from a theoretical point of view, and then applied to a concrete role in entrepreneurship in creating entrepreneurial venture. The paper encompasses the entrepreneurial idea and entrepreneurial venture as the starting and ending point of entrepreneurial activity, and emphasizes the importance of planning that deals with steps of key actions that an entrepreneur has to take since spotting an entrepreneurial opportunity until the market recognition of the idea in order to create a sustainable business. Furthermore, the business plan is analyzed as a useful tool for defining all the necessary elements of business and business activities. The results of this paper show that the successful realization of the idea depends on quality planning prior to execution, the adoption of a business plan as well as the implementation of the same and the control of its implementation.