Business plans are critical to the success of any new venture.
I believe that entrepreneurs should dedicate time to create them, regardless if you’re searching for investors.
Seeking input is a great way to get an objective view, so don’t forget this step; it’s way too important.
As with most things in the business world, the size and scope of your business plan depend on your specific goals.
For example, a business plan for a hair salon is not going to look anything like a plan for a biotech research company.
Need some help creating the right business plan for your company?
The San Jose, California-based company began by serving fruit processing plants in the Silicon Valley before pivoting in the late 1960s to work with tech ventures.
At Leavey School of Business, the My Own Business Institute (MOBI) program provides online education tools for entrepreneurs around the world.
If you’re drafting it for investors, you should make the plan more detailed.
Be sure to keep in mind that potential investors might not be as familiar with your industry so you have to clearly explain your concept and where it fits in.