Key take aways:
- Weave a “MAT” – Milestones, Assumptions and Tasks. Compile these 3 lists:
- Milestones you must meet: e.g., complete design specifications, raise capital
- Assumptions about your business: e.g., market size, gross margins
- Tasks necessary to design, manufacture, sell, ship and support your product or service.
- A good business plan is da detailed pitch
- Establish a single point of accountability. If it takes more than 10 seconds to figure out who is responsible for a goal, something is wrong. Besides, someone who is being measured and held accountable is highly motivated.
- Never tell potential investors that you have no competition. A moderate level of competition is good because it validates the market. And the fact that you’re aware of your competion shows you’ve done your homework. If you’re accurate about the things that you can do and the competition can’t, you will build credibility.