John Mullins, Chair of Entrepreneurship at London Business School and my old professor, just published an article in the Wall Street Journal. The article concerns business plans, common pitfalls and how to avoid them.
According to John then the five top business plan pitfalls are:
■ Here I am, Nevermind the problem - excessive technology focus, no commercial application
■ A Coke for every kid in China - assume small market share of 'huge' market
■ Just look at our [paper] profits - impressive analytics, tripping on simple business
■ Our team walks on water - dazzling credentials over relevant experience
■ Everything is beautiful - dismissive or ignorant of risks, challenges
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