This is really practical advice…..
Traveling the globe preaching the death of business plans, I was stopped for the umpteenth time by a very bright entrepreneur saying yet again, “but will investors give you money without a business plan?” The two-part answer: (a) some money, sometimes; and (b) avoid investors as long as you can.In the euphoric bubble period that was the late 90’s, when investors were throwing money at startups like drunks at a casino, business plans were required and the smartest entrepreneurs were cranking them out in a few days and grabbing the cash. That euphoric period was so crazy that poopinabag.com got funded (in fact I think I wrote a check). Those days are absolutely GONE.
Today’s investors don’t want to hear this pitch any more:
- we have a great team
- we are chasing a $billion market
- if we only get 2% of it, boy are we gonna be rich
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