Look at Guy Kawasaki's rules. https://guykawasaki.com/how-to-create-an-enchanting-business-plan-officeandguyk/
Hi Hardik. Steve Blank has some advice that you will find instructive on both points. I especially like the agile development oriented idea that your b-model is a hypothesis that you test and refine through Customer development. In an Angel setting, after you get to wow with them, having some Customer validation of your b-model is worth more gold than a business plan... and its actually harder to do since you have to get out of the building and interact with Customers. I have had the experience Steve mentions where (1) no one reads the b-plan, and (2) it breaks the first time you test it with a real Customer.
After assisting over 20 startups in last two years, what I learnt is, third party validation and initial traction are two important factors. If you have these two, you are good to go..
Watch the videos at http://a2e.co/ - also review the goto angel section of the site, which lists the 17 criteria angel investors most commonly use to evaluate a company for funding.
@climblean, what you fail to point out is that the majority of start ups fail because they do not have a proper business plan, or the thinking that comes from building one. TI realize you are trying to sell a product here, but be careful not to mislead people. A "lean" startup does not encourage a lack of a well thought out business plan. Rather a lean start up is often capable BECAUSE a well thought out business plan is in place. Any experienced entrepreneur understands a business plan is merely a game plan that must evolve, but cutting corners on this process rarely has beneficial outcomes. There is nothing "old" about this process...at all.
And there is absolutely nothing that is bad about the process of constructing a business plan. With the exception of a very small number of eccentric investors, the business plan is the standard document evaluated by investors. For example the financial section with financial footnotes explains in detail the use of investor capital. Furthermore though it illustrates to the investor that they entrepreneur values the investor's hard earned money enough to detail how each dollar will be utilized. Going though the marketing section allows an entrepreneur to fully evaluate competition. The hundreds of vital thought points that a proper business plan encourages is pivotal to early and sustained success.
For example with your website. A proper business plan would have lead you to realize leaving sections blank when you go public is not a good idea. Your section "the school of starting up" is completely blank when I look at it. To me that communicates you have not fully thought out your business because you have launched with incomplete content. That will discourage most from buying what you are selling. Your main graphic is fuzzy and does not communicate professional web design. This is something that is addressed in your business plan on how to market. You evaluate resources and needs. One of those needs for any company is professional graphic layout, which your website presently lacks.
Your about me section has no substance. Who is in charge of this company? Your twitter link has 14 followers. Again had you created a detailed business plan, you would have likely come up with the strategy to do a soft launch to friends and family and close colleagues with the hope to build a larger social media presence. That way when you come into a forum and try to alter the basics of proper planning in business entrepreneurship and state that a business plan and well formed team is "old thinking" you have at least some sort of base.
My advice, because I admire the creative approach, is work within the confines of the MBA rigidity of entrepreneurship. Tailor what is there...evolve it. But stating common sense elements of entrepreneurial thought is old thinking likely wont get you where you hope to go.
@hardik, there are softwares available in market to write a business plan. you must try this https://upmetrics.co, it is having step by step guidance and financial modeling tool.
here is an article to know about to bootstrap you business planning : https://upmetrics.co/blog/how-to-write-a-business-plan-beginners-guide/
@climblean, I'm not following what you are stating. "Writing a business plan is of practically no use in startup building process in the current situation". This makes absolutely no sense.
When you plan to startup, according to the old formula, you write a business plan, pitch it to investors, assemble a team, introduce a product, and start selling as hard as you can. The odds are not with you: average statistics suggest that 90% of all new
start-ups products fail. But in the recent few years, the “lean start-up” methodologies that have emerged as a way to startup favours experimentation over elaborate planning, customer feedback over intuition, and iterative design over traditional “big design up front” development. In this process, big "business plan document" has become redundant. Instead, you use a lean canvas.
Check these two links:
Develop a business plan that shows that you have a passion for this type of business.Always remember less is more so when writing a plan don’t write useless things or don’t write to much be brief and when explaining to the investor be passionate about what you are speaking.Look confident and if you are showing slides just put 3 bullet points per slide.See Apple when they presenting they do the same thing simplicity which matters the most.