8 TEAM: THE KEY TO SUCCESS
Georges Doriot, the father of venture capital and founder of American Research and Development Corporation (the first modernday venture capital firm), said that he would rather “back an ‘A’ entrepreneur with a ‘B’ idea than a ‘B’ entrepreneur with an ‘A’ idea.” He reasoned that an A team could more easily mold and reshape a B idea into a winning opportunity than a B team could execute on an A idea. Therefore, the team section of the business plan is often the section that professional investors read after the executive summary. Thus it is critical that the plan depict the members responsible for key activities and convey that they are exceptional people with integrity, knowledge, and skills.
In many cases, the business ...
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