The Secrets to Writing a Successful Business Plan audiobook cover - A Pro Shares a Step-by-Step Guide to Creating a Plan That Gets Results

The Secrets to Writing a Successful Business Plan

A Pro Shares a Step-by-Step Guide to Creating a Plan That Gets Results

Hal Shelton

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Management & LeadershipEntrepreneurship

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The Secrets to Writing a Successful Business Plan
Purpose & Foundation+
Executive Summary+
Concept, Operations & Team+
Strategy & Market+
Financial Statements+
Funding & Investors+
Common Mistakes to Avoid+

Quiz — Test Your Understanding

Question 1 of 9
What three key questions should your value proposition, or 'elevator pitch', answer?
  • A. How much funding do you need, what is your profit margin, and who is on your team?
  • B. Which problems are you solving, how are you better than the competition, and why will you succeed?
  • C. What is your market size, what are your distribution channels, and what is your burn rate?
  • D. Who are your mentors, how much family money do you have, and what is your 3-year forecast?
Question 2 of 9
According to the text, why is outsourcing parts of your business plan considered a dangerous tactic?
  • A. It is usually too expensive for early-stage startups to afford.
  • B. Investors prefer founders who demonstrate strong creative writing skills.
  • C. It can lead to an inconsistent document where figures and strategies are out of sync.
  • D. Consultants often steal intellectual property from inexperienced entrepreneurs.
Question 3 of 9
What is the primary purpose of creating a five-page feasibility plan before writing the full business plan?
  • A. To secure a bank loan before seeking venture capital.
  • B. To quickly determine if your idea is solid enough to proceed and to challenge your assumptions.
  • C. To provide a brief document that can be legally filed to incorporate the business.
  • D. To replace the executive summary for busy investors who lack time.
Question 4 of 9
Which of the following is true regarding the executive summary of a business plan?
  • A. It should be the very first thing you write to help guide the rest of the plan.
  • B. It should be highly detailed, typically around 10 to 15 pages long.
  • C. It is best written last, after you have drafted the rest of the plan.
  • D. It should exclude financial figures to keep investors focused on the product.
Question 5 of 9
Why is it recommended to begin your market analysis by stating the overall size of the market?
  • A. To show investors that there are enough potential customers to make the idea profitable.
  • B. To prove that you have hired objective market research experts.
  • C. To distract investors from a lack of immediate revenue in the first year.
  • D. To justify asking for a higher initial bank loan.
Question 6 of 9
Which financial statement acts as a 'snapshot' of your company's money and debt, divided into assets and liabilities?
  • A. The Income Statement
  • B. The Cash-Flow Statement
  • C. The Burn-Rate Statement
  • D. The Balance Sheet
Question 7 of 9
Why are investors highly focused on a startup's 'burn-rate'?
  • A. It indicates how much of the initial funding the founders are paying themselves as salary.
  • B. It describes how long the business can stay afloat and operate using their investment.
  • C. It shows the exact percentage of market share the company is expected to capture.
  • D. It measures the depreciation of the company's equipment and inventory over time.
Question 8 of 9
How do business angels typically differ from venture capital firms according to the text?
  • A. Angels only invest in non-profits, while venture capitalists invest exclusively in tech startups.
  • B. Angels offer loans that must be paid back with interest, while venture capitalists take equity shares.
  • C. Angels invest smaller amounts (up to $2 million) and expect a 5-10x return, while venture capitalists invest larger amounts and expect returns around 30x.
  • D. Angels require 125 percent collateral, whereas venture capitalists require no collateral.
Question 9 of 9
Why does the author advise against using rock-bottom prices as your sole competitive advantage?
  • A. It is illegal in many jurisdictions to intentionally undercut competitor pricing.
  • B. Consumers tend to assume there is a problem or lack of quality with the cheapest option.
  • C. Investors refuse to fund companies that offer discounts to their target market.
  • D. It artificially inflates your cash-flow statement, leading to inaccurate forecasting.

The Secrets to Writing a Successful Business Plan — Full Chapter Overview

The Secrets to Writing a Successful Business Plan Summary & Overview

The Secrets to Writing a Successful Business Plan (2014) is an expert’s guide to crafting a strategy that works. These blinks explain everything you need to know about this process in a detailed, easy-to-follow structure.

Who Should Listen to The Secrets to Writing a Successful Business Plan?

  • Business students eager to learn the secrets of a successful business plan
  • Anyone who’s thinking about going into business for themselves
  • Established entrepreneurs who are struggling to get the financing they need

About the Author: Hal Shelton

Hal Shelton’s 45-year track record with corporations and investment groups has made him the business expert he is today. Through his work with the SCORE Association, an organization that assists and trains small businesses, he has counseled over a thousand entrepreneurs.

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