Here's the most important thing you need to know if you are contemplating writing a business plan for the purpose of raising venture capital or angel investor financing:
When I first got out of college long ago, I loved writing business plans. Heck, I was even paid to write them while working for a management onsulting firm. Then over time I began to notice that no one actually read them.
This was in the 1980s!
I think the world is finally catching on to this fact.
Venture capitalist Bill Burnham is just the latest to admit this fact. Venture capitalist don't read business plans.
If on the other hand, you are a rookie entrepreneur considering writing a business plan to organize your thoughts and action plans, then go ahead. It can be a helpful exercise. But to save precious time do each section in bullet point form. That's all you need.
For more info on business plans visit my creative financing for startups site.