Business Plan Should Answer
From HBR, By William A. Sahlman
When I receive a business plan, I always read the résumé section first. Not because the people part of the new venture is the most important, but because without the right team, none of the other parts really matters.
Fourteen “Personal” Questions Every Business Plan Should Answer
- Where are the founders from? Where have they been educated?
- Where have they worked—and for whom?
- What have they accomplished—professionally and personally—in the past?
- What is their reputation within the business community?
- What experience do they have that is directly relevant to the opportunity they are pursuing?
- What skills, abilities, and knowledge do they have?
- How realistic are they about the venture’s chances for success and the tribulations it will face?
- Who else needs to be on the team?
- Are they prepared to recruit high-quality people?
- How will they respond to adversity?
- Do they have the mettle to make the inevitable hard choices that have to be made?
- How committed are they to this venture?
- What are their motivations?