On Business Planning
Business Planning is a process in which you have to really hone in on your business and get to the point. This way investors, customers, employees, and partners can quickly understand your product or service. Below I will share my expert experience in starting, selling, and funding businesses, as well as writing business plans. Start with a business plan summary. Make it simple. Don't assume anyone knows anything about your business or industry. Don’t get bogged down trying to describe products or technologies--if the risk exists, just talk about what the technology is used for. Try to answer the questions in the outline crisply and directly. In the beginning, there isn't time for long explanations. People are busy and you want to capture their interest. You can elaborate later. Don’t exaggerate. Be as factual as possible. Be prepared to defend any claims you make if possible. Quantify claims whenever possible. (Don’t say, “w...