Make biz plans short and to the point.
Executive Summary: overview of idea, people, market, etc.
NDA: not usually enforced, but useful as a sign of your discretion.
You can sometimes enter exclusiove contracts w/ a retailer or distributor
Due Diligence
–extensive homework behind product
–make sure you have backgrounds and answers to all possible questions
Often, businesses take ad-hoc elements from other products or ideas and link them together in a new way
Make assumptions behind your idea explicit in the plan.
Year 3 is usually the break-even year for most new businesses
founders refuse to give up their idea
Management – in-house or hire a PR firm
Biz Development – do you have one, or do you need someone to do it
CFO – do you need to have a CFO?
Content vs. technology – sell content over technology.