Top Ten Mistakes in Business Plans

1. Too Darn Long
        • Elevator pitch: one minute
        • Executive Summary: 2-3 pages

2. Poor Positioning
        • No validation
        • Your solutions and/or technology are looking for a problem to
          solve
        • Invisible solution

3. Lack of Focus
        • If you have multiple opportunities, break them into phases
          instead of implementing them all at once

4. Not Enough Real World Market Analysis
        • Use bottom up numbers, not top down
        • Prepare a logical growth rate
        • Prove you have a reachable market – go after a significant piece
          of a market
        • Do not prove the obvious

5. No Business “Cockpit Gauges”
        • What are the top three drivers or metrics of your business?

6. Unclear Business Model
        • How will you make money?
        • What is your path to profitability?
        • Oblivious to the budget cycle and sell cycle
        • Oblivious to adoption and implementation time table
        • Too dependent on others
        • Scalability – how will you get that big?

7. Poor or Incomplete Competitive Analysis
        • You always have competition
        • Not disclosing all the competition
        • Do you homework

8. Weak Team Information
        • It is a team effort
        • Admit you have holes
        • Out implement

9. Poorly Defined Leverage Points
        • You cannot do it alone
        • Who has vested interest in your success
        • What are your leverage points?

10. Goofy Fundamentals that Distract
        • Do the basics right the first time
        • Get “adult supervision”
        • Use specialists
        • Look like a “standard” venture capital deal

Adapted from Bill Joos, Garage Technology Ventures