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    Updating a classic writing a great business plan

    Judging by all the hoopla surrounding business plans, you'd think the only things standing between would-be entrepreneurs and spectacular success are glossy five-color charts, bundles of meticulous-looking spreadsheets, and decades of month-by-month financial projections. In fact, often the more elaborately crafted a business pl Judging by all the hoopla surrounding business plans, you'd think the only things standing between would-be entrepreneurs and spectacular success are glossy five-color charts, bundles of meticulous-looking spreadsheets, and decades of month-by-month financial projections. In fact, often the more elaborately crafted a business plan, the more likely the venture is to flop. Most plans waste too much ink on numbers and devote too little to information that really matters to investors. Now I find myself taking a project management course in Canada, and writing a business plan is a requirement for one of my classes. Writing a business plan was not something I expected to have to do again after leaving the business world behind 8 years ago to become an author, but life had other plans...At only sixty pages of content (including a short glossary of terms), this article (in book form) is short and to the point.

    updating a classic writing a great business plan-70updating a classic writing a great business plan-76updating a classic writing a great business plan-1updating a classic writing a great business plan-1

    These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward. As for opportunity, the plan should focus on two questions: Is the market for the venture’s product or service large or rapidly growing (or preferably both)? Then, in addition to demonstrating an understanding of the context in which their venture will operate, entrepreneurs should make clear how they will respond when that context inevitably changes.Doing so entails committing to paper a vision of the factors that will affect the success or failure of the enterprise.People take the exercise very seriously and get emotionally invested in what they produce.Few areas of business attract as much attention as new ventures, and few aspects of new-venture creation attract as much attention as the business plan.Countless books and articles in the popular press dissect the topic.

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