With all due respect, this list contains really BAD advice, and is a real recipe for instant disaster. Entrepreneurs should conduct a market study to decide if the business will even work. They should assemble a team of experts in the forms of a board of advisors and/or a board of directors together. That will make them attractive to capital, and give them the expertise they'll need to be successful. They should to look at raising seed capital, and then a full round of capital to launch the business, especially f they won't have immediate adequate cash flow to pay off a debt. They will need a securities attorney for this. They need to protect all of their intellectual property.  They also need to put together their marketing plan (and a strategic plan) BEFORE they go for funding. After all,it all goes into the business plan.

 

Vinny Ribas

Entrepreneurial Consultant

Author - "CEO Secrets - What They Know About Business That Every Entrepreneur Should"

vinny@ceosecrets.com

 

While the points on the checklist are valid - I don't completely agree with the sequence. For example, since the marketing portion is a significant part of the business plan - I'd put that along side the biz plan development.

 

I encourage people to do the plan process is stages - starting with a feasibility analysis.

I also want my client to be clear as to the resources that will be required.Resources including time, money, people, knowledge, experience, skills, talents, etc.