Chapter 13
Business Plans
Business plans are truly âmission criticalâ documents. They are most often used to secure funding. But a business plan can help you and your colleagues keep a business on track by referring to it and modifying it periodically. One important goal of a business plan may be to convince investors to fund your business so it can be started in the first place. Attracting venture capital is a competitive activity, and your plan must not only inspire confidence among investors but stand out from the crowd of other plans as well. For banks, you need to address the subject of risk: why should the bank invest in your company as opposed to the many others in your field? What makes you better qualified than other entrepreneurs? ...
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