One of the key issues in business plan writing is cognitive bias!
Sometimes, being too close to an idea or a project clouds the judgment. As a result, people often start writing their plan using their hearts instead of their heads, which give out a notion of unprofessional behaviour and lesser credibility.
Four different types of cognitive biases which entrepreneurs should avoid:
Optimism Bias – Being too inspired and over-optimistic about your business idea.
Planning Fallacy: Thinking you can do it faster than others
Sunk-Cost Fallacy: Considering the sunk cost as an achievement.
Confirmation Bias: All signs point to Yes.