Onward Technologies' story shows how a business plan can change in synch with a company. So after drafting a plan that indicated how his company would establish a proprietary dial-up service to assist in the buying and selling of computers, Reske stepped back and looked at his firm's core competencies. Onward now has 60 staffers and a lengthy client list that includes Digital Equipment Corporation, 3Com, Brown Brothers Harriman, and Cahner's Publishing. Dozens of books, courses, Web sites, and software programs are available to help entrepreneurs craft a business plan. Emerging Business asked Schmelzer, Reske, a pair of business school professors, and a private investor for some tips on how to write an effective one.
Some people argue that they're too busy starting the company to write a plan.
But I would say that you at least need an idea of how much cash you're going to need, and that requires sketching out the financials. Greg Wertheimer, an independent investor and the president of digital watermarking pioneer Aris Technologies of Cambridge, agrees. The exercise of sitting down and organizing your thoughts and making some assumptions and seeing if the concept is financially valid is very important. An argument for success Mike Roberts, the executive director of Harvard Business School's Entrepreneurial Studies program, sees about a hundred business plans a year, as part of the school's annual business plan competition, and also from alumni and friends who want advice on their ideas. And just like you'd do if you're preparing any argument, you want to make a series of points in a logical fashion.