Duncan Knight 

When a founder tells me their business is different, my next question is: does that difference matter to the customer? You may have built something technically impressive or developed an unusual approach. But customers need a reason to choose it over the alternatives available to them. The differentiation section of your business plan should explain that reason and the evidence behind it. You do not need to prove that nobody has ever done anything similar. You need to underst

A large market can make a business idea look attractive. But the number that matters is how many suitable customers you can realistically reach and persuade to buy. When I work with founders, I want to understand the thinking behind their market estimates. Who are the customers? How do they solve the problem today? What would make them change? Your market opportunity section should explain why there is a worthwhile business to build and where you intend to start. It should al

Writing an executive summary can reveal how clearly you understand your business. Can you explain who your customers are, why they would choose you and how the business will make money? Can you show what you have learned so far and what needs to happen next? If those answers are difficult to put into words, that is useful information. It gives you somewhere to focus your thinking. I started my first company without a business plan. Having since built businesses and worked wit