Here’s what we will cover today:

• Not all investors require one, but should you still have it?

• Your next funding opportunity could be waiting inside this database

• A brain teaser and an insightful trend you don’t want to miss

Quote of the Day

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently."
~ Warren Buffett

Today’s Tip

It is common knowledge that companies need business plans.

Business plans are critical for setting goals and mapping out your plan to achieve those goals. They are also critical to raise capital. Whether you are seeking a bank loan, or capital from angel investors, venture capitalists, or corporate investors, a formal business plan is simply a requirement.

However, some investors say they don’t need a business plan. Rather, they just want to see a company slide presentation and/or a 1-3 page Executive Summary.

So, at this point, you are probably asking yourself, “So, do I, or do I not, need a business plan?”

The answer is a resounding “YES.” Let me explain.

To begin, the types of investors who typically do not want to see a formal business plan are an extremely unique bunch. They are typically the top 1% of angel investors or venture capitalists. These are the investors who see so many deals that they don’t have the time to read through business plans.

Perhaps more importantly, these are the investors who focus on investments that could be worth billions of dollars within a few short years.

They invest in companies like Facebook or Twitter; companies that have massive potential but which may not even have a real revenue model in place yet. For companies like these that are potential “game-changers,” creating financial projections or analyzing the current marketplace are much less important than for other businesses. As such, formal business plans with this information are less important.

Today’s Resource

Get the Business Plan Investors Love

Most business plans fail to impress. Why? They miss the key elements that investors and lenders need.

With PlanPros.ai, you’ll create a business plan that turns heads. 

Just answer some simple questions, and our AI-powered tool crafts customized financial projections, writes your entire plan in the format investors crave, and includes the best business-building strategies.

And here’s the kicker: You’ll also get access to our database of 80,000 equity and debt investors.

Your plan will get the attention it deserves. Let’s make it happen.

Trivia

Today’s Question: Although less famous than co-founder Jimmy Wales, Alaska native Larry Sanger was a co-founder of what famous internet property although he later quit and became publicly critical of the project?

Previous Question: Mehndi is a form of body art and temporary skin decoration that originated in ancient India and is still popular today in many countries on the Indian subcontinent. The practice uses a paste made from the leaves of what plant?

Previous Answer: Henna

Mehndi is a form of body art and temporary skin decoration usually drawn on hands or legs, in which decorative designs are created on a person's body, using a paste, created from the powdered dry leaves of the henna plant. It is a popular form of body art among women in South Asia such as India, Bangladesh, Pakistan, Nepal, Maldives, and Sri Lanka, and resembles similar practices found in North Africa and the Middle East. This kind of body art is called Mehndi Design in India, Pakistan, Bangladesh, and Nepal. Whereas, in the West, it is called Henna Designs.

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