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It is much more important to get started, test, and secure funding first.When it comes to business plan creation there are now more templates and streamlined formats that are being adjusted to meet today’s needs to accommodate faster moving, leaner startups.Even your friends and family, or the most aggressive angel investors.
We look for functional prototypes and customer development and most importantly, scalability.
Can you scale customer acquisition cheaply and measurably?
Business plans have long been a critical document for new businesses. If so, what best practices and data can help you create a winning document that will help your business get the funding you need and ensure your venture lasts?
A decade ago anyone you approached with a business idea without a plan would have laughed and shooed you away.
If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.
Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.”An executive summary is a different document again.It is a smart tool and essential one to have as a cover for your business plan.Getting lost in rehashing and dragging out a business plan for a year or more can cost your startup the optimal moment to get to market and the best funding opportunities.Too many founders have also tried to cram the equivalent of a business plan into a pitch deck, only to find it is a hindrance to getting the results they want.Harvard Business Review (HBR) says “the real key to succeeding in business is being flexible and responsive to opportunities.Entrepreneurs often have to pivot their business once it becomes clear that their original customer is not the right customer, or when it turns out that their product or service fits better in an alternate market.Yet, some may also think that pitch decks and clever presentations may he displaced them.Every entrepreneur and startup company needs a plan.The other is more organizational an internal in nature.If you want to get funded by David Mc Clure, then he says he wants to see “a functional product that people are using.