Management
Team: Mistakes to Avoid
The following are several common mistakes
that decrease the effectiveness of the management team section
of your business plan:
- Depending on unqualified friends or family
in key management positions.
- Assuming that previous success in other
industries applies to your current industry.
- Presenting a "one-man-team" management
philosophy. Investors know it's difficult to wear every
hat and successfully run and grow a company.
- Attempting to attract top managers without
sharing ownership.
- Lacking non-compete agreements for critical
management staff.
- Failing to attract and assemble a knowledgeable
board of advisors.
For more advice on writing the management team section of
your business plan:
Email
us at BizPlanIt if you have comments or suggestions about
our Virtual Business Plan.
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