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Is it true?  Guy Kawasaki talks about writing business plans in his book Reality Check, and how entrepreneurs can get so caught up in the train of thought that they have to write these huge elaborate books of pages upon pages before they even start the business.  Should entrepreneurs ditch the business plan altogether?  I would say so.  All an entrepreneur needs is his pitch and an executive summary, which I wrote on earlier.  Most venture capitalists will look at the first few pages of the executive summary and go on gut feeling after the pitch.  So until you’re fully immersed in your business and need to look at some in depth financial analysis for a critical next step decision, hold off.  Just build it and show it.

March 10, 2009, 9:46am   Comments

As Guy Kawasaki puts it in his book Reality Check

“Your executive summary is probably the most important document you will write for you company.”

The content?  Only 9 parts, all not exceeding two pages because

“…it’s purpose is to sell, not describe your company.”

1. Problem : What does your business solve or address?

2. Solution:  How does it do it?

3. Business model: What is the market and how does your business make money?

4. How:  What sets your company above the rest?

5. Marketing and sales: The strategy to get the word out

6. Competition: Who are they?  What’s different about you and them?

7. Projections: Your three year financial projections and key points to achieve them.

8. Team: Who are the brains behind it?

9: Status and Time line:  Current state and milestones ahead?

All of these are taken from Guy’s book.  Highly recommend it.  Go get it.

February 13, 2009, 8:57am   Comments