Which of the following is NOT a step in developing a business plan?

The process of developing a business plan involves several essential steps, each aimed at providing a comprehensive understanding of the business and its potential for success. Describing the product or service is crucial because it helps clarify what the business offers and how it meets customer needs. Analyzing the market gives insights into the industry landscape, target demographics, and potential demand, which are vital for informed decision-making. Creating a persuasive executive summary is also a key component, as it synthesizes the main points of the business plan and engages stakeholders, investors, or partners in understanding the business's vision.

Estimating competitor behaviors, while beneficial for strategic planning, is often not explicitly listed as a primary step in the traditional business planning process. Instead, competition analysis may be a part of market analysis but does not typically stand alone as a necessary step for all business plans. Thus, it is the least foundational step when considering the overall structure and essential requirements of developing a business plan.