STRUCTURE AND KEY ELEMENTS OF A BUSINESS PLAN

CHARACTERISTICS OF A POWERFUL MANAGEMENT TEAM• Common vision: Everybody wants to succeed• Complementary attributes and strengths• At least three, but usually no more than six, people• Committed to staying together through thick and thin• Staying power, even when there are setbacks - regroups and makes asecond or even third attempt to clear the hurdleAlso explain how the responsibilities in the company are to be delegated and indicate whichpositions still require reinforcements. It is particularly helpful to compare the assignments to befilled with the skill profiles of current team members. Do not hesitate to name your mostinfluential advisors. No one will have all the qualifications and experience necessary to found acompany. Considerable involvement on the part of advisors such as experiencedentrepreneurs, accountants, PR firms, or management consultants is a sign of professionalismand will reassure the venture capitalist that you have all the contacts you may need.WHAT PROFESSIONAL INVESTORS LOOK FOR• Has the team already worked together?• Do team members have relevant experience?• Do the founders know their weaknesses and are they willing to make up forthem?• Have the founders agreed on their future roles? Are ownership issuessettled?• Has the management team agreed on a common goal, or are thereunderlying differences of opinion?• Do the individual team members fully back the project?Finally, begin looking for suitable partners as soon as possible. Bringing together just the rightpeople to form a "dream team," so to speak, is immensely important for later business successand, therefore, requires a great deal of time and care.