The team I helped coach for the UH Business Plan Competition didn't make to the finals. They did pretty good though. I think they might have had a shot if they prepared their presentation a little more. I'm happy though because they actually did listen to my co-coach and I. I'm curious to see the final presentations next week. One of the teams that made it to the finals did a presentation to the Hawaii Venture Capital Association last week and was very impressive. The other two teams that presented at the HVCA meeting were very impressive too, but they didn't make the finals. So I'm curious to see the teams that did make it. They must be very good.
The moral of the story is that a good business plan takes several elements. A good idea and passion are a must, but that has to be backed up with a realistic and well thought out plan that includes research and analysis of the market and internal operations. I've seen too many good ideas go nowhere because the business side was sorely lacking. If you're planning on starting a business, get the help you need with the "boring" day-to-day business stuff so that your good idea doesn't go to waste.
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