The Nine Drafts of a Compelling Business Plan

This article by Frank Demmler published in the newsletter of Techyvent/Pittsburgh reminds entrepreneurs:

"The business plan has two primary purposes – to help you determine what kind of business you want to build and how to go about it; and to attract the necessary resources (people, equipment, contacts, mentors, as well as money).

That order is important, by the way. First and foremost, you must plan for the business that YOU want to create. You should not create a plan primarily for the purpose of raising money, which is often the primary business planning motivation of many first-time entrepreneurs..."

He continues by stressing the need to draft and redraft the business plan and as a final step to package it for the intendend audience, advising:

"*Resist the urge to stop at the second draft of your plan.
*Be honest with yourself.
*Plan the business to be what you want it to be.
*Make sure your plan reflects the real world...
*Package the plan, after The Plan has been developed, to appeal to the audiences to which it is directed."

Frank Demmler is Associate Teaching Professor of Entrepreneurship at the Donald H. Jones Center for Entrepreneurship at Carnegie Mellon University