I cannot believe these idiotic “business plan competitions” actually exist.
Only in the world of academia could someone not see that the marketplace is the ultimate business plan competition. It’s almost as if there is a group of people that benefit from the business of creating business plans.
I’m not sure if I’m unusual as an angel investor, but I’ve never read one. I never will. Show me the product. Show me the market reaction. Tell me a story.
Projecting how you will react to a series of successes 16 months from now on page 28 just doesn’t do it for me.
I’m not saying you shouldn’t do your homework. I’m saying I don’t need to see it.
I want 140 characters. Practice it in a twitter input field. Whittle everything you do, everything your company stands for, everything you’re passionate about down to 1-2 sentences.
And just so we’re clear…this isn’t for me. I’m not going to invest in your startup.
This is for you, the founder. This is what you will respond with when people ask you what you do. This is what you will lead with when you’re trying to determine if someone is right to join your company. This is what your client will ultimately base his decision on.
You’ve got 140 characters to convince the world. Go.
p.s. As always, this is applicable to more than just business plans. Example…on a first date, your answer to “what do you like to do?” probably shouldn’t take 7 minutes.