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Do You Have a Team?

It's said that investors invest in people—not ideas. This means that even a good idea has the potential to fail if the right team is not in place to execute it. A good management team can take even a mediocre idea and make it work. Your business plan must demonstrate that you have the right team to execute your plan—or, if you don't, that you've identified the people you need and how to get them.

Investors are a picky bunch. They want to see a well-rounded team of professionals with experience in every function critical to the business. Duties should be clearly outlined, and indicate who on your team is responsible for carrying them out.

Even if you don't plan to raise money with your business plan, you still need to give thought to your management team. Did you cover your bases? Who on your team has responsibility for executing which part(s) of your business plan? Do you have the personnel in place to cover sales, marketing, procurement, accounting, customer service, and fulfillment? If not, who will? Also important—your team should have an array of skills that complement each other.

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