There were tons of young entrepreneurs showing their latest Web 2.0 Many of these businesses were what First Round Capital called FNACs (features, not companies – this acronym has always stuck with me). Someone remind me to do a future post on why I think the Ramen Profitable approach has actually hurt some businesses. MORE >>

If you want people to invest in your idea, then my best advice is first write a business plan, and keep it simple. Don't confuse your business plan with a doctoral thesis or the back of a napkin. Keep the wording and formatting straightforward, and keep the plan short. Polish the overall look and feel. Use it. MORE >>

People ask me if they really need ANY business plan, unless they are looking for an outside investor. In fact, a business plan is needed more by you than investors, as the blueprint for your company, team communication, and progress metrics. Explain the business model. For a family business, don’t project an exit. MORE >>

"You need a business plan" is the mantra of MBA types. As they say , businesses don't plan to fail, they fail to plan! Let's do some quotes: "Without a business plan, how will you know whether you can make a profit?" ( source ). A complete business plan should include five-year financial projections. MORE >>

Tweet So you’ve finished that business plan. But your plan is still wrong. All business plans are wrong. They are still vital to a good business. Even though they’re wrong, they track priorities, and relationships, and the interdependence of different parts of the business. Execute them. MORE >>