Evaluate Business Plan

If you spend any time at all looking into how young companies emerge and grow, the key aspect of this success is the "team".Working with companies particularly in times of significant challenges or funding, has refined our definition of what constitutes a good team.Are they inspiring to me, each other, and their marketplace?

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A good plan violently executed right now is far better than a perfect plan executed next week. Patton (1885-1945) At In Site, we see many business plans.

This is great fun; it allows us to think about many markets, business models, products and teams.

Similarly, I like to see a discussion of the intellectual property of the most direct competitors and how the new business will avoid infringing on it. The key to any successful business is to be a growing company in a growth market.

A business plan should articulate how the entrepreneurs will enter the market, apply their investment to prepare them to grow quickly, and participate in the expansion of an industry that is thriving, with a better-than-average growth trajectory.

Crafting the perfect business plan is often a challenge for any number of reasons.

However, one of the biggest challenges standing in the way of a good business plan is the fact that oftentimes, no two investors, judges or members of your audience are looking for the same thing when evaluating a business plan." My hope is that it will cause the students to consider why they are planning to take the risks of entrepreneurship. In every business plan, I like to see the recognition of the need to cover and staff the production, sales and finance parts of the business.Roles should be established for the entity as if it were mature and successful.The CEO should be smart and foster good problem solving, have demonstrated a strong work ethic, have a backbone, and enough self-confidence to recruit a staff that is intellectually strong and has complementary skills. Good leaders must be able to listen well, assimilate information rapidly, question the team thoroughly, and make decisions quickly.They also need the honesty to change positions if needed – without losing the power or authority that is required to effectively lead the company.When looking at business plans, I always want to know how the owners plan to get paying customers to engage at a fee and quantity that allows them, as owners, to be in business and sustain themselves.My frequently asked question is, "how do you plan to feed and clothe yourself and where do you plan to sleep while you're getting this venture off the ground?It also shows that they recognize their own limitations, their ability to focus on their strengths and the need to bring in others who know what they don’t in order to reach the goals they envision. Is the idea for the product or service innovative, a unique invention, or is the dream truly inspired?By innovative, I want to understand if the business plan is centered around a new twist on already-existing technology or services delivered in a new and compelling way?Obviously, our value is providing feedback to these companies about their prospects in the business world, helping them fix their weaknesses, and, if all goes well, getting them quickly up and running.By and large, we look for business plans that are reasonably strong on all points, and reject plans that have a significant weakness on any major portion of the business plan.

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