Creating a good business plan
Every investor I know is frustrated with the poor quality of the business plans they get. This is sad, as "how to write a business plan" is a frequent topic found in every business journal, and it is a common title in the business section of every book store. Too many technical entrepreneurs still believe the urban myth that you can sketch your idea on a napkin, and investors will throw money at you. Believe me, an idea sketched on a napkin is not a good business plan, unless you are pitching to your rich uncle.
What is the definition of a good business plan? In simple terms, it is a document that describes all the why, what, when, where, and how of your business for you, your cohorts, and potential investors. Forcing yourself to write down a plan is actually the only way to make sure you actually understand it yourself.
Make sure your plan answers every relevant question that you could possibly imagine from your business partners, spouse, and potential investors...
