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How to write a great business plan.

W A Sahlman1

  • 1Harvard Business School, Boston, MA, USA.

Harvard Business Review
|June 6, 1997
PubMed
Summary
This summary is machine-generated.

A great business plan focuses on critical questions about people, opportunity, context, and risk/reward, rather than just financial projections. This strategic approach enhances a new venture's potential for success and better investment opportunities.

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Area of Science:

  • Business Strategy
  • Entrepreneurship
  • Venture Capital

Background:

  • Traditional business plans often overemphasize financial projections.
  • Key factors for new venture success are frequently overlooked in favor of numerical data.

Purpose of the Study:

  • To propose a question-based framework for developing effective business plans.
  • To shift focus from financial minutiae to critical success factors for new ventures.

Main Methods:

  • Analyzing the essential components of a successful business plan.
  • Identifying key questions related to venture 'people', 'opportunity', 'context', and 'risk/reward'.

Main Results:

  • A great business plan addresses the quality of the founding team ('people').

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  • It assesses market size, growth, and industry attractiveness ('opportunity').
  • It considers the operating environment ('context') and potential outcomes ('risk and reward').

    • Conclusions:

    • Focusing on strategic questions leads to more robust business plans.
    • This approach provides a powerful tool for entrepreneurs seeking investment and success.