how to write a great business plan william a sahlman

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How to Write a Great Business Plan

William A. Sahlman

Every seasoned investor knows that detailed financial projections for a new company are an act of imagination. Nevertheless, most business plans pour far too much ink on the numbers–and far too little on the information that really matters. Why? William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward. The questions about people revolve around three issues: What do they know? Whom do they know? and How well are they known? As for opportunity, the plan should focus on two questions: Is the market for the venture’s product or service large or rapidly growing (or preferably both)? and Is the industry structurally attractive? Then, in addition to demonstrating an understanding of the context in which their venture will operate, entrepreneurs should make clear how they will respond when that context inevitably changes. Finally, the plan should look unflinchingly at the risks the new venture faces, giving would-be backers a realistic idea of what magnitude of reward they can expect and when they can expect it. A great business plan is not easy to compose, Sahlman acknowledges, largely because most entrepreneurs are wild-eyed optimists. But one that asks the right questions is a powerful tool. A better deal, not to mention a better shot at success, awaits entrepreneurs who use it.

Which information belongs—and which doesn’t—may surprise you.

Few areas of business attract as much attention as new ventures, and few aspects of new-venture creation attract as much attention as the business plan. Countless books and articles in the popular press dissect the topic. A growing number of annual business-plan contests are springing up across the United States and, increasingly, in other countries. Both graduate and undergraduate schools devote entire courses to the subject. Indeed, judging by all the hoopla surrounding business plans, you would think that the only things standing between a would-be entrepreneur and spectacular success are glossy five-color charts, a bundle of meticulous-looking spreadsheets, and a decade of month-by-month financial projections.

William A. Sahlman is the Dimitri V. D’Arbeloff-MBA Class of 1955 Professor of Business Administration at the Harvard Business School.

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Judging by all the hoopla surrounding business plans, you'd think the only things standing between would-be entrepreneurs and spectacular success are glossy five-color charts, bundles of meticulous-looking spreadsheets, and decades of month-by-month financial projections. Yet nothing could be further from the truth. In fact, often the more elaborately crafted a business plan, the more likely the venture is to flop.

Why? Most plans waste too much ink on numbers and devote too little to information that really matters to investors. The result? Investors discount them.

In How to Write a Great Business Plan , William A. Sahlman shows how to avoid this all-too-common mistake by ensuring that your plan assesses the factors critical to every new venture:

The people—the individuals launching and leading the venture and outside parties providing key services or important resources
The opportunity—what the business will sell and to whom, and whether the venture can grow and how fast
The context—the regulatory environment, interest rates, demographic trends, and other forces shaping the venture's fate
Risk and reward—what can go wrong and right, and how the entrepreneurial team will respond

Timely in this age of innovation, How to Write a Great Business Plan helps you give your new venture the best possible chances for success.

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The Harvard Business Review Classics Series
The Opportunity
The Context
Risk and Reward
The Deal and Beyond
Beware the Albatross
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Title: How to Write a Great Business Plan
Author(s): William A. Sahlman
Release date: March 2008
Publisher(s): Harvard Business Review Press
ISBN: 9781633691315

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Why? Most plans waste too much ink on numbers and devote too little to information that really matters to investors. The result? Investors discount them.

In How to Write a Great Business Plan , William A. Sahlman shows how to avoid this all-too-common mistake by ensuring that your plan assesses the factors critical to every new venture:

The people—the individuals launching and leading the venture and outside parties providing key services or important resources
The opportunity—what the business will sell and to whom, and whether the venture can grow and how fast
The context—the regulatory environment, interest rates, demographic trends, and other forces shaping the venture's fate
Risk and reward—what can go wrong and right, and how the entrepreneurial team will respond

Timely in this age of innovation, How to Write a Great Business Plan helps you give your new venture the best possible chances for success.

Print length 74 pages
Language English
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The people—the individuals launching and leading the venture and outside parties providing key services or important resources
The opportunity—what the business will sell and to whom, and whether the venture can grow and how fast
The context—the regulatory environment, interest rates, demographic trends, and other forces shaping the venture's fate
Risk and reward—what can go wrong and right, and how the entrepreneurial team will respond
Print length 72 pages
Language English
Publisher Harvard Business Review Press
Publication date March 1 2008
Dimensions 10.97 x 0.56 x 16.59 cm
ISBN-10 1422121429
ISBN-13 978-1422121429
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Publisher ‏ : ‎ Harvard Business Review Press; 1st edition (March 1 2008)
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ISBN-10 ‏ : ‎ 1422121429
ISBN-13 ‏ : ‎ 978-1422121429
Item weight ‏ : ‎ 57 g
Dimensions ‏ : ‎ 10.97 x 0.56 x 16.59 cm
#171 in Business Writing Guides (Books)
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William A. Sahlman

Baker foundation professor dimitri v. d'arbeloff - mba class of 1955 professor of business administration, emeritus.

William Sahlman is a Baker Foundation Professor of Business Administration at Harvard Business School.

Mr. Sahlman received an A.B. degree in Economics from Princeton University (1972), an M.B.A. from Harvard University (1975), and a Ph.D. in Business Economics (1982), also from Harvard. He joined the Harvard Business School faculty in 1980.

His research focuses on the investment and financing decisions made in entrepreneurial ventures at all stages in their development. Mr. Sahlman has written numerous articles and two textbooks on topics including entrepreneurial management, venture capital, private equity, deal structuring, incentives, commercializing science, impact investing, and the role of entrepreneurship in the global economy.

In 1985, Mr. Sahlman introduced a new second-year elective course called Entrepreneurial Finance. Over 10,000 students have taken that course since it was first offered. In 2000, Mr. Sahlman helped design and introduce The Entrepreneurial Manager, a required course in the First Year MBA curriculum. In 2017, Mr. Sahlman developed an HBS Online course called Entrepreneurship Essentials. In 2020, Mr. Sahlman will introduce a new HBS course called Entrepreneurial Solutions to World Problems. Mr. Sahlman has published over 200 cases and notes for classroom use.

From 2007 to 2016, Mr. Sahlman was Senior Associate Dean for External Relations. From 2003 to 2016, he was co-chair of the Rock Center for Entrepreneurship. He was co-chair of the Entrepreneurial Management Unit from 1999 to 2002. From 1991 to 1999, he was Senior Associate Dean, Director of Publishing Activities, and chairman of the board for Harvard Business School Publishing Corporation. From 1990 to 1991, he was chairman of the Harvard University Advisory Committee on Shareholder Responsibility. From 2009 to 2015, he was chairman of the Advisory Committee for Harvard Stem Cell Science.

Mr. Sahlman is a member of the board of advisors or board of directors of several private companies and organizations, including the McCance Center for Brain Health at Mass General Hospital. He has been a director, advisor, and/or investor in over 200 companies, venture capital funds, and nonprofits.

In April 2011, the National Venture Capital Association gave Mr. Sahlman The American Spirit Award, which was created in 1999 "to recognize individuals who have shown outstanding leadership by applying business skills, knowledge, expertise and resources to make a meaningful contribution to society."

Books Books

Roberts, Michael J., Howard H. Stevenson, William A. Sahlman, Paul Marshall and Richard G. Hamermesh, eds. New Business Ventures and the Entrepreneur . 6th ed. New York: McGraw-Hill/Irwin, 2006. View Details
Gompers, Paul A., and William Sahlman. Entrepreneurial Finance: A Casebook . New York: John Wiley & Sons, 2001. View Details
Sahlman, William A., Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide. The Entrepreneurial Venture . 2nd ed. Harvard Business School Press, 1999. View Details

Journal Articles Journal Articles

Sahlman, William A. "Leslie Berlin, Troublemakers: Silicon Valley's Coming of Age ." Business History Review 92, no. 2 (Summer 2018): 343–353. View Details
Sahlman, William A., and Ramana Nanda. "Stretch the Mission? A Nonprofit That Supports Emerging-market Entrepreneurs Considers Expanding to the U.S." Harvard Business Review 93, no. 5 (May 2015): 113–117. View Details
Lerner, Josh, and William Sahlman. "Reviving Entrepreneurship." Harvard Business Review 90, no. 3 (March 2012): 116–119. View Details
Sahlman, William A. "Management and the Financial Crisis (We Have Met the Enemy and He Is Us...)." Economics, Management, and Financial Markets 5, no. 4 (December 2010): 11–53. View Details
Sahlman, William A. "Expensing Options Solves Nothing." Harvard Business Review 80, no. 12 (December 2002): 90–96. View Details
Sahlman, William A. "In Praise of Irrational Exuberance." f0110d. Harvard Business Review 79, no. 10 (November 2001). View Details
Sahlman, William A. "The New Economy is Stronger Than You Think." Art. 99612. Harvard Business Review 77, no. 6 (November–December 1999). View Details
Sahlman, William A. "How to Write a Great Business Plan." Art. 97409. Harvard Business Review 75, no. 1 (January–February 1997). View Details
Sahlman, William A. "The Structure and Governance of Venture-Capital Organizations." Journal of Financial Economics 27, no. 2 (October 1990): 473–521. View Details
Sahlman, William A. "Why Sane People Shouldn't Serve on Public Boards." Art. 90312. Harvard Business Review 68, no. 3 (May–June 1990). View Details
Sahlman, William A., and Michael Steven Gorman. " What Do Venture Capitalists Do? " Journal of Business Venturing 4, no. 4 (July 1989): 231–248. View Details
Sahlman, William A. "Aspects of Financial Contracting in Venture Capital." Continental Bank Journal of Applied Corporate Finance 1, no. 2 (summer 1988): 23–36. View Details
Sahlman, William A., and Howard H. Stevenson. "Capital Market Myopia." Journal of Business Venturing 1, no. 1 (winter 1985): 7–30. (Reprinted as Chap. 3 in The Entrepreneurial Venture , edited by William A. Sahlman, Howard H. Stevenson, Michael J. Roberts and Amar Bhide, 35-64. Boston: Harvard Business School Press, 1999.) View Details

Book Chapters Book Chapters

Sahlman, William A. "Some Thoughts on Business Plans." Chap. 9 in The Entrepreneurial Venture . 2nd ed. by William A. Sahlman, Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide, 138–176. Harvard Business School Press, 1999. View Details
Sahlman, William A. "The Financial Perspective: What Should Entrepreneurs Know?" Chap. 14 in The Entrepreneurial Venture . 2nd ed. by William A. Sahlman, Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide, 238–261. Harvard Business School Press, 1999. View Details
Sahlman, William A. "Aspects of Financial Contracting in Venture Capital." Chap. 16 in The Entrepreneurial Venture . 2nd ed. by William A. Sahlman, Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide, 304–325. Harvard Business School Press, 1999. (Originally published in Continental Bank Journal of Applied Corporate Finance 1, no. 2 (summer 1988): 23-36. Also reprinted in The New Corporate Finance: Where Theory Meets Practice , edited by D. Chew, 229. New York: McGraw-Hill, 1993. Part IV: 4.) View Details
Sahlman, William A. "The Horse Race Between Capital and Opportunity." Chap. 18 in The Entrepreneurial Venture . 2nd ed. by William A. Sahlman, Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide, 335–350. Harvard Business School Press, 1999. View Details
Sahlman, William A. "Why Sane People Shouldn't Serve on Public Boards." Chap. 24 in The Entrepreneurial Venture . 2nd ed. by William A. Sahlman, Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide, 441–449. Harvard Business School Press, 1999. View Details
Sahlman, William A. "How Small Companies Should Handle Advisers." Chap. 25 in The Entrepreneurial Venture . 2nd ed. by William A. Sahlman, Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide, 450–458. Harvard Business School Press, 1999. View Details
Sahlman, William A. "Don't Fix What Isn't Broken." Chap. 4 in Financing Entrepreneurs , edited by C. A. Beltz, 61–65. Washington, D.C.: AEI Press, 1993. View Details
Sahlman, William A. "Aspects of Financial Contracting in Venture Capital." In The New Corporate Finance: Where Theory Meets Practice , edited by D. Chew, 229, Part IV:4. New York: McGraw-Hill, 1993. View Details
Sahlman, William A., and Howard H. Stevenson. "The Entrepreneurial Process." Chap. 5 in Small Business and Entrepreneurship , edited by Paul Burns and Jim Dewhurst, 94–157. London: Macmillan Education, 1989. View Details
Stevenson, Howard H., and William A. Sahlman. "Importance of Entrepreneurship in Economic Development." Chap. 1 in Entrepreneurship, Intrapreneurship, and Venture Capital: The Foundations of Economic Renaissance , edited by Robert D. Hisrich, 3–26. Canada: Lexington Books, 1986. View Details

Working Papers Working Papers

Sahlman, William A. "Management and the Financial Crisis (We have met the enemy and he is us...)." Harvard Business School Working Paper, No. 10-033, October 2009. View Details

Cases and Teaching Materials Cases and Teaching Materials

Sahlman, William A., Allison M. Ciechanover, and Emily Grandjean. "Khanmigo: Revolutionizing Learning with GenAI." Harvard Business School Case 824-059, November 2023. (Revised April 2024.) View Details
Sahlman, William, and Nicole Tempest Keller. "Vida Health: Transforming Chronic Disease Treatment." Harvard Business School Case 824-001, October 2023. View Details
Sahlman, William A., Allison M. Ciechanover, and Emily Grandjean. "EducationSuperHighway 2.0." Harvard Business School Case 823-060, October 2022. View Details
Sahlman, William A., Michael D. Smith, and Nicole Tempest Keller. "Deborah Quazzo at GSV Ventures." Harvard Business School Case 822-131, May 2022. View Details
Sahlman, William A., and George Gonzalez. "Chia Network: Reimagining Programmable Money." Harvard Business School Case 822-039, October 2021. (Revised January 2022.) View Details
Sahlman, William A., Allison M. Ciechanover, and Jeff Huizinga. "QuantumScape's Mission to Revolutionize Energy Storage for a Sustainable Future." Harvard Business School Case 822-044, November 2021. (Revised May 2022.) View Details
Weiss, Jurgen, William A. Sahlman, and Joseph B. Lassiter III. "1366 Technologies: Surviving in a Fast Changing World." Harvard Business School Case 721-015, October 2020. View Details
Sahlman, William A., Michael D. Smith, Nicole Tempest Keller, and Alpana Thapar. "Guild Education: Unlocking Opportunity for America's Workforce." Harvard Business School Case 821-050, November 2020. View Details
Sahlman, William A., and Nicole Tempest Keller. "Khan Academy 2018 (Abridged)." Harvard Business School Case 820-086, January 2020. View Details
Sahlman, William A., Ramana Nanda, and Robert F. White. "Evaluating Start Ups." Harvard Business School Technical Note 819-039, August 2018. View Details
Nanda, Ramana, William A. Sahlman, and Robert White. "Venture Capital Term Sheets." Harvard Business School Exercise 818-137, June 2018. View Details
White, Robert F., William A. Sahlman, and Ramana Nanda. "Discover Capital: Closing an Acquisition." Harvard Business School Case 818-043, September 2017. (Revised October 2017.) View Details
Sahlman, William, and Nicole Tempest Keller. "Khan Academy 2018." Harvard Business School Case 819-064, October 2018. (Revised May 2019.) View Details
Sahlman, William A., Robert F. White, Ruth Page, and Hunter Ashmore. "BionX." Harvard Business School Multimedia/Video Case 816-702, May 2016. View Details
Sahlman, William, Robert White, and Hunter Ashmore. "BionX." Harvard Business School Teaching Plan 816-096, May 2016. View Details
Sahlman, William, and Robert White. "Coupa." Harvard Business School Teaching Plan 816-044, December 2015. View Details
Sahlman, William, and Robert White. "Athleta." Harvard Business School Teaching Plan 816-043, September 2015. (Revised December 2015.) View Details
Nanda, Ramana, William A. Sahlman, Robert White, and Hunter Ashmore. "Business Models Problem Set." Harvard Business School Exercise 816-016, August 2015. (Revised May 2021.) View Details
Sahlman, William, Robert White, and Stephanie Puzio. "West Coast Chill." Harvard Business School Teaching Plan 815-139, May 2015. View Details
Sahlman, William, and Robert White. "BOLT: Seed Venture Capital Firm." Harvard Business School Teaching Plan 815-121, May 2015. (Revised December 2015.) View Details
Sahlman, William, Robert White, and Stephanie Puzio. "Discover Capital." Harvard Business School Case 815-097, March 2015. View Details
Nanda, Ramana, William A. Sahlman, and Lauren Barley. "NOWaccount." Harvard Business School Case 814-048, October 2013. (Revised August 2016.) View Details
Sahlman, William A., and Christopher Payton. "Raising Capital at BzzAgent (Abridged)." Harvard Business School Case 816-081, February 2016. (Revised January 2017.) View Details
Sahlman, William A., and Hunter Ashmore. "Rubicon Global." Harvard Business School Case 816-015, November 2015. View Details
Sahlman, William A., and Lauren Barley. "Xapo and Paving the Way for Bitcoin." Harvard Business School Case 816-022, September 2015. View Details
Sahlman, William A., and Christopher Payton. "Raising Capital at BzzAgent (B)." Harvard Business School Supplement 816-037, August 2015. View Details
Sahlman, William A. "Raising Capital at BzzAgent (A)." Harvard Business School Case 816-036, August 2015. View Details
Sahlman, William A., Robert F. White, and Stephanie Puzio. "West Coast Chill." Harvard Business School Multimedia/Video Case 815-704, March 2015. View Details
Sahlman, William A., and Robert F. White. "BOLT: Seed Venture Capital Firm." Harvard Business School Multimedia/Video Case 815-702, March 2015. View Details
Sahlman, William A., and Michael J. Roberts DBA. "WebTracker, Spreadsheet for Instructors (Brief Case)." Harvard Business School Spreadsheet Supplement 915-546, February 2015. View Details
Sahlman, William A., and Michael J. Roberts DBA. "WebTracker, Spreadsheet for Students (Brief Case)." Harvard Business School Spreadsheet Supplement 915-545, February 2015. View Details
Sahlman, William A., and Michael J. Roberts DBA. "WebTracker (Brief Case)." Harvard Business School Teaching Note 915-544, February 2015. View Details
Sahlman, William A., and Michael J. Roberts DBA. "WebTracker." Harvard Business School Brief Case 915-543, February 2015. (Revised January 2018.) View Details
Sahlman, William A., Ramana Nanda, David Lane, and Lisa Mazzanti. "Endeavor: Miami Heats Up." Harvard Business School Teaching Plan 814-071, February 2014. View Details
Sahlman, William A., Thomas R. Eisenmann, Joseph B. Fuller, and Shikhar Ghosh. "Maricopa, Inc.: Finding the Right Treatment for Growth." Harvard Business School Case 314-065, January 2014. View Details
Sahlman, William A., Ramana Nanda, David Lane, and Lisa Mazzanti. "Endeavor: Miami Heats Up." Harvard Business School Case 814-043, November 2013. (Revised December 2013.) View Details
Sahlman, William A., and Vineeta Vijayaraghavan. "Iora Health." Harvard Business School Case 814-030, February 2014. (Revised July 2016.) View Details
Roberts, Michael, and William Sahlman. "Coupa." Harvard Business School Case 813-114, June 2013. (Revised August 2017.) View Details
Lassiter, Joseph B., William A. Sahlman, and James McQuade. "Foro Energy (B)." Harvard Business School Supplement 812-163, June 2012. View Details
Sahlman, William A. "A Simple Free Cash Flow Valuation Model." Harvard Business School Background Note 814-027, August 2013. View Details
Sahlman, William A., Ramana Nanda, Joseph B. Lassiter III, and James McQuade. "TerraPower." Harvard Business School Case 813-108, November 2012. (Revised December 2017.) View Details
Sahlman, William A., Ramana Nanda, and James McQuade. "SecondMarket—Providing Liquidity for Shareholders of Privately Held iContact." Harvard Business School Case 812-072, November 2011. (Revised May 2012.) View Details
Sahlman, William A., and Liz Kind. "Khan Academy." Harvard Business School Case 812-074, November 2011. (Revised February 2012.) View Details
Sahlman, William A., and Evan Richardson. "Accretive Health." Harvard Business School Case 812-061, November 2011. (Revised December 2013.) View Details
Sahlman, William A., Joseph B. Lassiter III, and Liz Kind. "Verengo Solar Plus!" Harvard Business School Case 812-049, October 2011. (Revised November 2011.) View Details
Sahlman, William A., and Neil Tolaney. "CSN Stores." Harvard Business School Case 812-044, October 2011. View Details
Roberts, Michael J., and William A. Sahlman. "AXA Private Equity: The Diana Investment." Harvard Business School Case 812-042, September 2011. View Details
Sahlman, William A., Jeffrey Glass, and Evan W. Richardson. "ScoreBig." Harvard Business School Case 812-043, September 2011. (Revised August 2015.) View Details
Lassiter, Joseph B., III, William A. Sahlman, Alison Berkley Wagonfeld, and Evan Richardson. "Khosla Ventures: Biofuels Gain Liquidity." Harvard Business School Case 812-035, September 2011. (Revised July 2012.) View Details
Sahlman, William, Evan W. Richardson, and James McQuade. "The Venture Capital Problem Set." Harvard Business School Background Note 812-039, September 2011. (Revised August 2012.) View Details
Sahlman, William A., and Evan Wade Richardson. "WiTricity: Electricity cuts the cord." Harvard Business School Case 811-045, November 2010. (Revised April 2011.) View Details
Eisenmann, Thomas R., William A. Sahlman, and Evan W. Richardson. "Chegg: Textbook Rental Takes Flight." Harvard Business School Case 811-077, February 2011. View Details
Lassiter, Joseph B., III, William A. Sahlman, and Alison Berkley Wagonfeld. "Khosla Ventures: Biofuels Strategy." Harvard Business School Case 809-004, September 2008. (Revised July 2012.) View Details
Sahlman, William A. "Risk and Reward in Venture Capital." Harvard Business School Background Note 811-036, December 2010. View Details
Sahlman, William A., and Evan Wade Richardson. "The Venture Capital Valuation Problem Set." Harvard Business School Exercise 807-036, August 2006. (Revised December 2010.) View Details
Roberts, Michael J., William A. Sahlman, and Tamara Obradov. "Gilt Groupe." Harvard Business School Case 811-049, November 2010. View Details
Sahlman, William A., and Evan Wade Richardson. "The Firestorm: Super Angelgate." Harvard Business School Case 811-052, November 2010. View Details
Sahlman, William A., and Evan Richardson. "The Changing Face of Angel Investing." Harvard Business School Case 811-046, November 2010. (Revised August 2016.) View Details
Sahlman, William A., and Liz Kind. "Bling Nation." Harvard Business School Case 811-029, November 2010. View Details
Sahlman, William A., and Elizabeth A. Kind. "Spudnik, Inc." Harvard Business School Case 811-048, November 2010. View Details
Sahlman, William A., and Harry Wake. "innocent." Harvard Business School Case 811-037, October 2010. View Details
Sahlman, William A., and Sarah Flaherty. "NovoCure Ltd." Harvard Business School Case 810-045, November 2009. (Revised August 2010.) View Details
Sahlman, William A. "Distrobot Systems, Inc." Harvard Business School Case 805-082, June 2005. (Revised August 2010.) View Details
Sahlman, William A., and Norman Klein. "Hamilton Test Systems, Inc." Harvard Business School Case 295-017, September 1994. (Revised May 2010.) View Details
Sahlman, William A., and Dan Heath. "RightNow Technologies." Harvard Business School Case 805-032, November 2004. (Revised May 2010.) View Details
Sahlman, William A. "Dr. John's Products, Ltd. (TN)." Harvard Business School Teaching Note 810-132, April 2010. View Details
Sahlman, William A., Dan Heath, and Caroline Perkins. "Nantero." Harvard Business School Case 809-031, August 2008. (Revised December 2009.) View Details
Rayport, Jeffrey F., Dickson Louie, and William A. Sahlman. "Amazon.com (D)." Harvard Business School Case 901-022, February 2001. (Revised November 2009.) View Details
Rayport, Jeffrey F., Dickson Louie, and William A. Sahlman. "(TN) Amazon.com (A), (B), (C), and (D)." Harvard Business School Teaching Note 901-025, April 2001. (Revised November 2009.) View Details
Lassiter, Joseph B., III, William A. Sahlman, and Noam Wasserman. "Nantucket Nectars: The Exit." Harvard Business School Case 810-041, September 2009. (Revised February 2014.) View Details
Sahlman, William A., and Jackie Donnelly Russell. "Blink: The European Air-Taxi Service." Harvard Business School Case 809-058, October 2008. (Revised October 2009.) View Details
Sahlman, William A., and Daniel R Scherlis. A Method For Valuing High-Risk, Long-Term Investments: The "Venture Capital Method". Harvard Business School Background Note 288-006, July 1987. (Revised October 2009.) View Details
Sahlman, William A., and Sarah Flaherty. "ZINK Imaging: 'Zero Ink™'." Harvard Business School Case 810-050, September 2009. View Details
Sahlman, William A., and Victoria Winston. "Cutter & Buck (A)." Harvard Business School Case 806-028, November 2005. (Revised July 2009.) View Details
Sahlman, William A., and Caroline Perkins. "BzzAgent, Inc. - 2005." Harvard Business School Case 807-057, September 2006. (Revised July 2009.) View Details
Sahlman, William A. "Dr. John's Products, Ltd." Harvard Business School Case 803-063, October 2002. (Revised July 2009.) View Details
Sahlman, William A., and Elizabeth Kind. "MD Beauty, Inc." Harvard Business School Case 806-045, October 2005. (Revised July 2009.) View Details
Sahlman, William A., and Andrew S. Janower. "Beechwood Spouts (A)." Harvard Business School Case 396-016, October 1995. (Revised July 2009.) View Details
Sahlman, William A. "CCBN.COM." Harvard Business School Case 898-146, December 1997. (Revised December 2013.) View Details
Sahlman, William A., and Matthew Willis. "Basic Venture Capital Formula, The." Harvard Business School Background Note 804-042, August 2003. (Revised May 2009.) View Details
Sahlman, William A. "CCBN.com - 2002." Harvard Business School Case 804-059, September 2003. (Revised May 2009.) View Details
Sahlman, William A. "Sue Whitman at MBB Financial." Harvard Business School Case 809-115, January 2009. View Details
Roberts, Michael J., William A. Sahlman, and Sasha Novakovich. "How Serial Entrepreneurs Build and Manage a Board of Directors in a Venture-Backed Start Up." Harvard Business School Case 808-163, June 2008. (Revised July 2008.) View Details
Roberts, Michael J., William A. Sahlman, and Lauren Barley. "Texas Pacific Group--J. Crew." Harvard Business School Case 808-017, August 2007. (Revised April 2008.) View Details
Sahlman, William A. "The Harvard Stem Cell Institute." Harvard Business School Case 807-096, November 2006. (Revised March 2008.) View Details
Sahlman, William A., and Elizabeth Kind. "Prosper Marketplace, Inc." Harvard Business School Case 807-074, December 2006. (Revised March 2008.) View Details
Roberts, Michael J., William A. Sahlman, and Todd Krasnow. "Zoots - Financing Growth (A)." Harvard Business School Case 807-139, June 2007. (Revised March 2008.) View Details
Roberts, Michael J., William A. Sahlman, and Elizabeth Kind. "Pinnacle Ventures." Harvard Business School Case 808-048, August 2007. (Revised February 2008.) View Details
Sahlman, William A., and Caroline Perkins. "Motion Computing, Inc. -- 2004." Harvard Business School Case 806-068, November 2005. (Revised December 2007.) View Details
Roberts, Michael J., and William A. Sahlman. " Innocent Drinks (TN). " Harvard Business School Background Note 806-196, May 2006. (Revised February 2007.) View Details
Sahlman, William A., and Dan Heath. "Tickle." Harvard Business School Case 807-100, November 2006. View Details
Sahlman, William A., and Caroline Perkins. "Brontes Technologies -- 2005." Harvard Business School Case 807-101, November 2006. View Details
Sahlman, William A., and Alison Berkley Wagonfeld. "Earthbound Farm." Harvard Business School Case 807-061, September 2006. View Details
Roberts, Michael J., William A. Sahlman, Vincent Dessain, Monika Stachowiak, and Anders Sjoman. "fortu PowerCell GmbH." Harvard Business School Case 805-159, June 2005. (Revised July 2006.) View Details
Sahlman, William A., and Victoria Winston. "Cutter & Buck (C)." Harvard Business School Supplement 806-030, November 2005. (Revised July 2006.) View Details
Sahlman, William A., and Victoria Winston. "Cutter & Buck (B)." Harvard Business School Supplement 806-029, November 2005. (Revised July 2006.) View Details
Sahlman, William A., Geremy Connor, Brian Doherty, Andrew Murphy, and Taylor Smith. "The Turnaround of Chris-Craft." Harvard Business School Case 806-071, October 2005. (Revised June 2006.) View Details
Sahlman, William A., and Elizabeth Kind. "KnowledgeNet (A)." Harvard Business School Case 803-034, October 2002. (Revised June 2006.) View Details
Roberts, Michael J., and William A. Sahlman. "RightNow Technologies (TN)." Harvard Business School Teaching Note 806-189, May 2006. (Revised June 2006.) View Details
Roberts, Michael J., and William A. Sahlman. "Valhalla Partners Due Diligence (TN)." Harvard Business School Teaching Note 806-194, May 2006. View Details
Sahlman, William A., Michael J. Roberts, and Laurence E. Katz. "Beta Golf." Harvard Business School Case 898-162, March 1998. (Revised December 2005.) View Details
Sahlman, William A., and Taslim Pirmohamed. "Athleta." Harvard Business School Case 803-045, September 2002. (Revised July 2012.) View Details
Sahlman, William A., and Michael J. Roberts. "Endeavor-Determining A Growth Strategy." Harvard Business School Case 803-126, January 2003. (Revised November 2005.) View Details
Sahlman, William A., and Dan Heath. "Mt. Auburn Partners Search Fund." Harvard Business School Case 805-030, September 2004. (Revised October 2005.) View Details
Sahlman, William A., and Matthew Willis. "Emergence, Valhalla, and Orchid: Divergent Models for Venture Capital Funds." Harvard Business School Case 804-056, September 2003. (Revised January 2005.) View Details
Sahlman, William A., and Elizabeth Kind. "San Francisco Giants." Harvard Business School Case 804-092, November 2003. (Revised January 2005.) View Details
Sahlman, William A., and Dan Heath. "Innocent Drinks." Harvard Business School Case 805-031, November 2004. View Details
Sahlman, William A., and Ryland Matthew Willis. "ClozeX Medical (A): The New Standard of Wound Closure." Harvard Business School Case 805-073, November 2004. View Details
Sahlman, William A., and Ryland Matthew Willis. "Barry Diller and IAC/InterActiveCorp." Harvard Business School Case 805-072, November 2004. View Details
Sahlman, William A., and Dan Heath. "Valhalla Partners Due Diligence." Harvard Business School Case 805-033, September 2004. View Details
Sahlman, William A., and Alison Berkley Wagonfeld. "Intuit's New CEO: Steve Bennett." Harvard Business School Case 803-044, October 2002. (Revised May 2004.) View Details
Sahlman, William A. "Charles River Partnership XI." Harvard Business School Case 804-052, September 2003. (Revised April 2004.) View Details
Sahlman, William A., and Christina Darwall. "Marv Tseu at Active Reasoning." Harvard Business School Case 804-077, November 2003. (Revised March 2004.) View Details
Sahlman, William A., and Ryland Matthew Willis. "Procter & Gamble 2000 (A): The SpinBrush and Innovation at P&G." Harvard Business School Case 804-099, November 2003. View Details
Sahlman, William A., and Ryland Matthew Willis. "Procter & Gamble 2000 (B)." Harvard Business School Case 804-100, November 2003. View Details
Sahlman, William A., and Taslim Pirmohamed. "Aspen Aerogels." Harvard Business School Case 803-068, October 2002. (Revised October 2003.) View Details
Sahlman, William A. "Upromise 2002." Harvard Business School Case 804-058, September 2003. View Details
Sahlman, William A., and Laurence E. Katz. "Allscripts, Inc." Harvard Business School Case 804-053, September 2003. View Details
Sahlman, William A. "Microsoft Financial History." Harvard Business School Case 803-018, July 2002. (Revised June 2003.) View Details
Sahlman, William A. "Epicentric." Harvard Business School Case 803-080, November 2002. (Revised May 2003.) View Details
Leschly, Stig, Michael J. Roberts, William A. Sahlman, and Todd H Thedinga. "Amazon.com-2002." Harvard Business School Case 803-098, November 2002. (Revised February 2003.) View Details
Sahlman, William A., and Jason Green. "Anasazi Exclusive Salon Products, Inc." Harvard Business School Case 295-111, April 1995. (Revised January 2003.) View Details
Sahlman, William A., and Elizabeth Kind. "KnowledgeNet (B)." Harvard Business School Case 803-035, October 2002. View Details
Sahlman, William A. "Financial Analysis of Microsoft." Harvard Business School Background Note 803-019, August 2002. (Revised September 2002.) View Details
Sahlman, William A. "E Ink: Financing Growth TN." Harvard Business School Teaching Note 802-139, December 2001. View Details
Sahlman, William A. "Amazon.com-Going Public TN." Harvard Business School Teaching Note 802-122, November 2001. View Details
Sahlman, William A., Nicole Tempest, Daniel H Case III, and Robert Keller. "Preview Travel (A)." Harvard Business School Case 899-085, October 1998. (Revised May 2001.) View Details
Sahlman, William A., and Nicole Tempest. "Preview Travel (B)." Harvard Business School Case 899-086, October 1998. (Revised April 2001.) View Details
Rayport, Jeffrey F., Goutam Challagalla, and William A. Sahlman. "Barnesandnoble.com (A), (B), and (C) TN." Harvard Business School Teaching Note 901-026, April 2001. View Details
Rayport, Jeffrey F., Steven Silverman, and William A. Sahlman. "PlanetAll TN." Harvard Business School Teaching Note 901-027, April 2001. View Details
Rayport, Jeffrey F., Steven Silverman, and William A. Sahlman. "Microsoft Carpoint." Harvard Business School Teaching Note 901-028, April 2001. View Details
Rayport, Jeffrey F., Elliot N. Maltz, and William A. Sahlman. "Egghead.com TN." Harvard Business School Teaching Note 901-029, April 2001. View Details
Rayport, Jeffrey F., Elliot N. Maltz, and William A. Sahlman. "Virtual Vineyards TN." Harvard Business School Teaching Note 901-030, April 2001. View Details
Rayport, Jeffrey F., Goutam Challagalla, and William A. Sahlman. "Weather Services Corporation TN." Harvard Business School Teaching Note 901-031, April 2001. View Details
Rayport, Jeffrey F., Rafi Mohammed, and William A. Sahlman. "Streamline (A) and (B) TN." Harvard Business School Teaching Note 901-032, April 2001. View Details
Rayport, Jeffrey F., Michelle Toth, and William A. Sahlman. "first direct (A) TN." Harvard Business School Teaching Note 901-033, April 2001. View Details
Rayport, Jeffrey F., Elliot N. Maltz, and William A. Sahlman. "QVC, Inc. TN." Harvard Business School Teaching Note 901-034, April 2001. View Details
Rayport, Jeffrey F., Leo Griffin, Yannis Dosios, and William A. Sahlman. "Frontgate Catalog TN." Harvard Business School Teaching Note 901-035, April 2001. View Details
Rayport, Jeffrey F., Dickson Louie, and William A. Sahlman. "Monster.com TN." Harvard Business School Teaching Note 901-036, April 2001. View Details
Rayport, Jeffrey F., Goutam Challagalla, and William A. Sahlman. "iQVC (A) and (B) TN." Harvard Business School Teaching Note 901-037, April 2001. View Details
Rayport, Jeffrey F., Elliot N. Maltz, and William A. Sahlman. "Marshall Industries TN." Harvard Business School Teaching Note 901-038, April 2001. View Details
Rayport, Jeffrey F., Steven Silverman, and William A. Sahlman. "MindSpring TN." Harvard Business School Teaching Note 901-039, April 2001. View Details
Rayport, Jeffrey F., Elliot N. Maltz, and William A. Sahlman. " The New York Times Electronic Media Company (A) and (B)." Harvard Business School Teaching Note 901-040, April 2001. View Details
Rayport, Jeffrey F., Elliot N. Maltz, and William A. Sahlman. "CBS Evening News TN." Harvard Business School Teaching Note 901-041, April 2001. View Details
Rayport, Jeffrey F., Dickson Louie, and William A. Sahlman. "CBS MarketWatch TN." Harvard Business School Teaching Note 901-042, April 2001. View Details
Sahlman, William A. "FIRST: For Inspiration and Recognition of Science and Technology." Harvard Business School Case 801-380, March 2001. View Details
Rayport, Jeffrey F., Dickson Louie, and William A. Sahlman. "BarnesandNoble.com (B)." Harvard Business School Case 901-023, February 2001. View Details
Rayport, Jeffrey F., Dickson Louie, and William A. Sahlman. "BarnesandNoble.com (C)." Harvard Business School Case 901-024, February 2001. View Details
Lassiter, Joseph B., III, William A. Sahlman, and Jon Biotti. "Nantucket Nectars." Harvard Business School Case 898-171, February 1998. (Revised December 2000.) View Details
Sahlman, William A., and Jared Stone. "SupplierMarket.com (A)." Harvard Business School Case 801-228, December 2000. View Details
Roberts, Michael J., and William A. Sahlman. "UPromise." Harvard Business School Case 801-321, November 2000. View Details
Sahlman, William A., and Michael J. Roberts. "FireDrop." Harvard Business School Case 801-214, November 2000. View Details
Sahlman, William A., Michael J. Roberts, and Christina L. Darwall. "Interactive Minds (A)." Harvard Business School Case 898-072, November 1997. (Revised October 2000.) View Details
Sahlman, William A., Michael J. Roberts, and Cathy Taylor. "FairMarket: Managing Business Development." Harvard Business School Case 800-212, November 1999. (Revised June 2000.) View Details
Sahlman, William A., Ramiro Montealegre, and Luis Pereiro. "Patagon.com: Building (and Defending) the First Financial Destination in Latin America." Harvard Business School Case 800-185, January 2000. (Revised May 2000.) View Details
Sahlman, William A., and Jon Biotti. "Circles." Harvard Business School Case 898-043, September 1997. (Revised March 2000.) View Details
Sahlman, William A., Michael J. Roberts, and Matthew C. Lieb. "Knot, The." Harvard Business School Case 899-116, December 1998. (Revised March 2000.) View Details
Sahlman, William A., and Matthew C. Lieb. "E Ink: Financing Growth." Harvard Business School Case 800-252, December 1999. View Details
Sahlman, William A., Curtis E. Large, and Matthew C. Lieb. " Bedrock Management Company. " Harvard Business School Case 800-181, October 1999. View Details
Sahlman, William A., Michael J. Roberts, and Matthew C. Lieb. " Dispatch Management Services. " Harvard Business School Case 800-017, October 1999. View Details
Sahlman, William A., and Laurence E. Katz. "Amazon.com--Going Public." Harvard Business School Case 899-003, October 1998. (Revised August 1999.) View Details
Sahlman, William A., Michael J. Roberts, and Laurence E. Katz. "Chemdex.com." Harvard Business School Case 898-076, January 1998. (Revised June 1999.) View Details
Sahlman, William A., Michael J. Roberts, and Christina L. Darwall. "DigitalThink: Startup." Harvard Business School Case 898-186, February 1998. (Revised June 1999.) View Details
Sahlman, William A. "Susan Brown." Harvard Business School Case 899-282, May 1999. View Details
Sahlman, William A., and Michael J. Roberts. "Launching a High-Risk Business CD." Simulation and Teaching Note. Harvard Business School Publishing, 1999. Electronic. (This is an interactive simulation (Windows only) that gives users hands-on experience in the essential activities of launching a business.) View Details
Sahlman, William A., and Howard H. Stevenson. "Capital Market Myopia." Harvard Business School Background Note 288-005, August 1987. (Revised December 1998.) View Details
Sahlman, William A., and Jon Biotti. " Conduit Communications. " Harvard Business School Case 899-104, October 1998. View Details
Sahlman, William A., Michael J. Roberts, and Laurence E. Katz. "HIMSCORP, Inc." Harvard Business School Case 899-021, August 1998. View Details
Sahlman, William A., Michael J. Roberts, and Laurence E. Katz. "Record Masters." Harvard Business School Case 899-020, August 1998. View Details
Sahlman, William A., and Andrew S. Janower. " Entrepreneurial Finance Suggested Readings. " Harvard Business School Background Note 396-040, September 1995. (Revised July 1998.) View Details
Sahlman, William A., and Andrew S. Janower. Project "Dial-Tone". Harvard Business School Case 897-003, November 1996. (Revised August 1997.) View Details
Sahlman, William A. "Entrepreneurial Finance: Course Introduction." Harvard Business School Course Overview Note 288-004, July 1987. (Revised August 1997.) View Details
Sahlman, William A. "Horizon Group." Harvard Business School Case 286-058, January 1986. (Revised March 1997.) View Details
Sahlman, William A. "Lotus Development Corp." Harvard Business School Case 285-094, January 1985. (Revised February 1997.) View Details
Sahlman, William A. "The Carlton Polish Company." Harvard Business School Case 283-008, May 1983. (Revised May 2015.) View Details
Sahlman, William A., and Andrew S. Janower. "Beechwood Spouts (B)." Harvard Business School Case 396-041, October 1995. (Revised December 1996.) View Details
Sahlman, William A. "Some Thoughts on Business Plans." Harvard Business School Background Note 897-101, November 1996. View Details
Sahlman, William A. "Some Thoughts on Career Management." Harvard Business School Background Note 897-055, September 1996. View Details
Sahlman, William A., and Andrew S. Janower. "ThermoLase." Harvard Business School Case 897-002, August 1996. View Details
Sahlman, William A., Howard H. Stevenson, and Andrew S. Janower. " Financial Investigation Group Exercise. " Harvard Business School Exercise 897-008, August 1996. View Details
Sahlman, William A., and Andrew S. Janower. "Pathfinder Capital." Harvard Business School Case 396-067, June 1996. View Details
Sahlman, William A., and Andrew S. Janower. "Free Cash Flow Valuation Problem Set." Harvard Business School Exercise 396-269, February 1996. View Details
Sahlman, William A. " Analog Devices Enterprises: Bipolar Integrated Technology. " Harvard Business School Case 286-117, April 1986. (Revised December 1995.) View Details
Sahlman, William A., and Jason Green. "InterZine Productions, Inc." Harvard Business School Case 396-174, November 1995. View Details
Sahlman, William A., and Andrew S. Janower. "Centex Telemanagement, Inc. (A)." Harvard Business School Case 396-101, October 1995. View Details
Sahlman, William A., and Andrew S. Janower. "Centex Telemanagement, Inc. (B)." Harvard Business School Case 396-102, October 1995. View Details
Sahlman, William A., and Andrew S. Janower. "Venture Capital Method - Valuation Problem Set." Harvard Business School Exercise 396-090, October 1995. View Details
Sahlman, William A., and Jason Green. "Richina Capital Partners Limited." Harvard Business School Case 396-059, September 1995. View Details
Sahlman, William A., and Andrew S. Janower. " At Play Productions (A). " Harvard Business School Case 396-015, September 1995. View Details
Sahlman, William A., and Andrew S. Janower. " At Play Productions (B). " Harvard Business School Supplement 396-038, September 1995. View Details
Sahlman, William A., and Andrew S. Janower. "At Play Productions (C)." Harvard Business School Supplement 396-039, September 1995. View Details
Sahlman, William A., and Jason Green. "Benjamin Rosen and Compaq." Harvard Business School Case 296-002, September 1995. View Details
Sahlman, William A., and Jason Green. "Quorum Health Group, Inc." Harvard Business School Case 295-156, June 1995. View Details
Sahlman, William A., and Jason Green. " Crystal Dynamics (A). " Harvard Business School Case 295-103, February 1995. View Details
Sahlman, William A., and Jason Green. "Crystal Dynamics (B)." Harvard Business School Supplement 295-104, February 1995. View Details
Sahlman, William A. " Rytex Co. (A). " Harvard Business School Case 292-068, December 1991. (Revised November 1994.) View Details
Sahlman, William A. " Frank Elliott. " Harvard Business School Case 295-075, November 1994. View Details
Sahlman, William A., and Jason Green. "VideoGuide, Inc. (A)." Harvard Business School Case 295-051, November 1994. View Details
Sahlman, William A., and Jason Green. "VideoGuide, Inc. (B)." Harvard Business School Supplement 295-070, November 1994. View Details
Sahlman, William A., and Jason Green. "VideoGuide, Inc. (C)." Harvard Business School Supplement 295-071, November 1994. View Details
Sahlman, William A., and Jason Green. "VideoGuide, Inc. (D)." Harvard Business School Supplement 295-072, November 1994. View Details
Sahlman, William A. "CML Group, Inc.: Going Public (B & C) TN." Harvard Business School Teaching Note 294-041, October 1993. View Details
Sahlman, William A., and Burton C. Hurlock. "Oak Industries Inc." Harvard Business School Case 292-086, November 1991. (Revised September 1993.) View Details
Sahlman, William A. " CHS Dental Laboratory, Inc. (A). " Harvard Business School Case 293-029, August 1992. (Revised September 1993.) View Details
Sahlman, William A. " Moser Glassworks. " Harvard Business School Case 293-073, October 1992. (Revised September 1993.) View Details
Sahlman, William A. " CHS Dental Laboratory, Inc. (B). " Harvard Business School Case 293-030, August 1992. (Revised August 1993.) View Details
Fruhan, William E., Jr., and William A. Sahlman. "Harris Seafoods, Inc." Harvard Business School Case 281-054, February 1981. (Revised June 1993.) View Details
Sahlman, William A. " RiboGene, Inc. (A). " Harvard Business School Case 293-026, August 1992. (Revised June 1993.) View Details
Sahlman, William A. " RiboGene, Inc. (B). " Harvard Business School Case 293-027, August 1992. (Revised June 1993.) View Details
Sahlman, William A. " RiboGene, Inc. (C). " Harvard Business School Case 293-028, August 1992. (Revised June 1993.) View Details
Sahlman, William A. "Centex Telemanagement, Inc." Harvard Business School Case 286-059, January 1986. (Revised March 1993.) View Details
Sahlman, William A. " Quantum Orthopedics, Inc. " Harvard Business School Case 293-042, October 1992. View Details
Sahlman, William A. "Star Cablevision Group (A): Harvesting in a Bull Market." Harvard Business School Case 293-036, September 1992. View Details
Sahlman, William A. "Star Cablevision Group (B): Adjusting to a Stock Market Correction." Harvard Business School Case 293-037, September 1992. View Details
Sahlman, William A. "Star Cablevision Group (C): Responding to a Credit Market Contraction." Harvard Business School Case 293-038, September 1992. View Details
Sahlman, William A. "Star Cablevision Group (D): Financial Crisis and Managing Constituencies." Harvard Business School Case 293-039, September 1992. View Details
Sahlman, William A. "Star Cablevision Group (E): Voluntary Restructuring." Harvard Business School Case 293-040, September 1992. View Details
Sahlman, William A. "Star Cablevision Group (F): Lessons Learned." Harvard Business School Case 293-041, September 1992. View Details
Sahlman, William A. "Note on the Financial Perspective: What Should Entrepreneurs Know?" Harvard Business School Background Note 293-045, September 1992. View Details
Sahlman, William A. " Rytex Co. (B). " Harvard Business School Case 292-069, December 1991. View Details
Sahlman, William A. "Fenchel Lampshade Co." Harvard Business School Case 291-014, February 1991. (Revised October 1991.) View Details
Sahlman, William A. "Parenting Magazine." Harvard Business School Case 291-015, October 1990. View Details
Sahlman, William A. " Orbital Sciences Corp. (E). " Harvard Business School Case 290-055, May 1990. (Revised August 1990.) View Details
Sahlman, William A. " STA Media. " Harvard Business School Case 285-147, April 1985. (Revised June 1990.) View Details
Sahlman, William A. Note on Financial Contracting: ""Deals"". Harvard Business School Background Note 288-014, August 1987. (Revised June 1989.) View Details
Sahlman, William A. " Tom Volpe. " Harvard Business School Case 289-025, October 1988. (Revised February 1989.) View Details
Sahlman, William A., and Howard H. Stevenson. " Orbital Sciences Corp. (A). " Harvard Business School Case 386-175, April 1986. (Revised February 1989.) View Details
Sahlman, William A., and Norman Klein. " Tribal Assets Management: The Dragon Proposal. " Harvard Business School Case 286-110, April 1986. (Revised February 1989.) View Details
Sahlman, William A. "Precision Parts, Inc. (A)." Harvard Business School Case 285-131, March 1985. (Revised November 1988.) View Details
Sahlman, William A. " Superior Wire (A). " Harvard Business School Case 289-003, July 1988. (Revised November 1988.) View Details
Sahlman, William A. " Runtal North America, Inc. " Harvard Business School Case 289-020, October 1988. (Revised November 1988.) View Details
Sahlman, William A. "Harris Seafoods Leveraged Buyout." Harvard Business School Case 289-019, October 1988. View Details
Sahlman, William A. " Sarah Jenks-Daly. " Harvard Business School Case 288-008, August 1987. (Revised September 1988.) View Details
Sahlman, William A. " Superior Wire (B). " Harvard Business School Case 289-004, July 1988. View Details
Sahlman, William A. "Technical Data Corp." Harvard Business School Case 283-072, May 1983. (Revised December 1987.) View Details
Sahlman, William A. " Vertex Peripherals. " Harvard Business School Case 286-069, February 1986. (Revised December 1987.) View Details
Sahlman, William A. " Palladian Software. " Harvard Business School Case 286-065, February 1986. (Revised November 1987.) View Details
Sahlman, William A. "Technical Data Corp.: Business Plan." Harvard Business School Case 283-073, May 1983. (Revised November 1987.) View Details
Sahlman, William A. " New England Digital. " Harvard Business School Case 286-077, February 1986. (Revised November 1987.) View Details
Sahlman, William A. "What Do Venture Capitalists Do?" Harvard Business School Background Note 288-015, September 1987. View Details
Sahlman, William A., and William J. Poorvu. " Winthrop Financial Associates. " Harvard Business School Case 386-077, September 1985. (Revised March 1987.) View Details
Sahlman, William A. " EMC Corp. " Harvard Business School Case 286-106, March 1986. (Revised March 1987.) View Details
Sahlman, William A. " Papercraft Corp. " Harvard Business School Case 287-026, October 1986. (Revised March 1987.) View Details
Sahlman, William A. "Smartfood." Harvard Business School Case 286-064, January 1986. (Revised December 1986.) View Details
Sahlman, William A. " Bank of Boston: New Ventures Group. " Harvard Business School Case 286-070, February 1986. (Revised September 1986.) View Details
Sahlman, William A. " Priam Corp.: Vertex Peripherals. " Harvard Business School Case 286-103, March 1986. (Revised September 1986.) View Details
Sahlman, William A. "CML Group, Inc.: Going Public (B)." Harvard Business School Case 285-092, April 1985. (Revised September 1986.) View Details
Sahlman, William A. "CML Group, Inc.: Going Public (A)." Harvard Business School Case 285-003, July 1984. (Revised September 1986.) View Details
Sahlman, William A. "Peter Wendell." Harvard Business School Case 286-008, September 1985. (Revised January 1986.) View Details
Sahlman, William A. " Note on the Venture Capital Industry: Update--1985. " Harvard Business School Background Note 286-060, January 1986. View Details
Sahlman, William A. "Note on the Microcomputer Software Industry--January 1982." Harvard Business School Background Note 285-095, January 1985. (Revised November 1985.) View Details
Sahlman, William A. " Note on the Venture Capital Industry--1981. " Harvard Business School Background Note 285-096, March 1985. (Revised November 1985.) View Details
Sahlman, William A. " U.S. Oil Co. Technical Center. " Harvard Business School Case 286-007, September 1985. View Details
Sahlman, William A. "CML Group, Inc.: Going Public (C)." Harvard Business School Case 286-009, August 1985. View Details
Sahlman, William A. " Laitier S.A. " Harvard Business School Case 176-118, November 1975. (Revised May 1985.) View Details
Sahlman, William A. " Florida Express, Inc. " Harvard Business School Case 285-144, April 1985. View Details
Sahlman, William A. "Business Research Corp. (B)." Harvard Business School Case 285-090, February 1985. View Details
Sahlman, William A. " Long Boat Electronics. " Harvard Business School Case 283-057, February 1983. (Revised January 1985.) View Details
Sahlman, William A. "Business Research Corp. (A)." Harvard Business School Case 285-089, January 1985. View Details
Sahlman, William A. " Priam Corp. " Harvard Business School Case 284-043, February 1984. (Revised September 1984.) View Details
Sahlman, William A. " Sustainable Growth Analysis. " Harvard Business School Background Note 284-059, February 1984. View Details
Crane, Dwight B., and William A. Sahlman. " Rust Development. " Harvard Business School Case 282-054, January 1982. View Details
Sahlman, William A. "Del Norte Paper Co. (C)." Harvard Business School Case 177-036, September 1976. (Revised January 1977.) View Details
Sahlman, William A. "Del Norte Paper Co. (A)." Harvard Business School Case 177-034, September 1976. View Details
Sahlman, William A. "Del Norte Paper Co. (B)." Harvard Business School Case 177-035, September 1976. View Details

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How to write a great business plan

Affiliation.

1 Harvard Business School, Boston, MA, USA.
PMID: 10168340

Every seasoned investor knows that detailed financial projections for a new company are an act of imagination. Nevertheless, most business plans pour far too much ink on the numbers - and far too little on the information that really matters. Why? William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward. The questions about people revolve around three issues: What do they know? Whom do they know? and How well are they known? As for opportunity, the plan should focus on two questions: Is the market for the venture's product or service large or rapidly growing (or preferably both)? and Is the industry structurally attractive? Then, in addition to demonstrating an understanding of the context in which their venture will operate, entrepreneurs should make clear how they will respond when that context inevitably changes. Finally, the plan should look unflinchingly at the risks the new venture faces, giving would-be backers a realistic idea of what magnitude of reward they can expect and when they can expect it. A great business plan is not easy to compose, Sahlman acknowledges, largely because most entrepreneurs are wild-eyed optimists. But one that asks the right questions is a powerful tool. A better deal, not to mention a better shot at success, awaits entrepreneurs who use it.

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How to Write a Great Business Plan

Available in Baker Stacks: HD30.28 .S234 2008

William Sahlman (HBS) defines the primary factors that should be included when writing a business plan.

Author/Editor (By:)

William A. Sahlman

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Business Plans

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Business Plan: What It Is + How to Write One

Discover what a business plan includes and how writing one can foster your business’s development.

[Featured image] Woman showing a business plan to a man at a desk.

What is a business plan?

Think of a business plan as a document that guides the journey to start-up and beyond. Business plans are written documents that define your business goals and the strategies you’ll use to achieve those goals. In addition to exploring the competitive environment in which the business will operate, a business plan also analyses a market and different customer segments, describes the products and services, lists business strategies for success, and outlines financial planning.

How to write a business plan

In the sections below, you’ll build the following components of your business plan:

Executive summary

Business description

Products and services

Competitor analysis

Marketing plan and sales strategies

Brand strategy

Financial planning

Explore each section to bring fresh inspiration and reveal new possibilities for developing your business. Depending on your format, you may adapt the sections, skip over some, or go deeper into others. Consider your first draft a foundation for your efforts and one you can revise, as needed, to account for changes in any area of your business.

1. Executive summary

This short section introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, development goals, and why it will succeed. If you are seeking funding, summarise the basics of the financial plan.

2. Business description

You can use this section to provide detailed information about your company and how it will operate in the marketplace.

Mission statement: What drives your desire to start a business? What purpose are you serving? What do you hope to achieve for your business, the team, and your customers?

Revenue streams: From what sources will your business generate revenue? Examples include product sales, service fees, subscriptions, rental fees, licence fees, and more.

Leadership: Describe the leaders in your business, their roles and responsibilities, and your vision for building teams to perform various functions, such as graphic design, product development, or sales.

Legal structure: If you’ve incorporated your business, include the legal structure here and the rationale behind this choice.

3. Competitor analysis

This section will assess potential competitors, their offers, and marketing and sales efforts. For each competitor, explore the following:

Value proposition: What outcome or experience does this brand promise?

Products and services: How does each solve customer pain points and fulfill desires? What are the price points?

Marketing: Which channels do competitors use to promote? What kind of content does this brand publish on these channels? What messaging does this brand use to communicate value to customers?

Sales: What sales process or buyer’s journey does this brand lead customers through?

4. Products and services

Use this section to describe everything your business offers to its target market. For every product and service, list the following:

The value proposition or promise to customers, in terms of how they will experience it

How the product serves customers, addresses their pain points, satisfies their desires, and improves their lives

The features or outcomes that make the product better than those of competitors

Your price points and how these compare to competitors

5. Marketing plan and sales strategies

In this section, you’ll draw from thorough market research to describe your target market and how you will reach it.

Who are your ideal customers?

How can you describe this segment according to their demographics (age, ethnicity, income, location, etc.) and psychographics (beliefs, values, aspirations, lifestyle, etc.)?

What are their daily lives like?

What problems and challenges do they experience?

What words, phrases, ideas, and concepts do consumers in your target market use to describe these problems when posting on social media or engaging with your competitors?

What messaging will present your products as the best on the market? How will you differentiate messaging from competitors?

On what marketing channels will you position your products and services?

How will you design a customer journey that delivers a positive experience at every touchpoint and leads customers to a purchase decision?

6. Brand strategy

In this section, you will describe your business’s design, personality, values, voice, and other details that go into delivering a consistent brand experience.

What are the values that define your brand?

What visual elements give your brand a distinctive look and feel?

How will your marketing messaging reflect a distinctive brand voice, including tone, diction, and sentence-level stylistic choices?

How will your brand look and sound throughout the customer journey?

Define your brand positioning statement. What will inspire your audience to choose your brand over others? What experiences and outcomes will your audience associate with your brand?

7. Financial planning

In this section, you will explore your business’s financial future. Suppose you are writing a traditional business plan to seek funding. In that case, this section is critical for demonstrating to lenders or investors you have a strategy for turning your business ideas into profit. For a lean start-up business plan, this section can provide a valuable exercise for planning how to invest resources and generate revenue [ 1 ].

Use past financials and other sections of this business plan to begin your financial planning, such as your price points or sales strategies.

How many individual products or service packages do you plan to sell over a specific period?

List your business expenses, such as subscribing to software or other services, hiring contractors or employees, purchasing physical supplies or equipment, etc.

What is your break-even point or the amount you must sell to cover all expenses?

Create a sales forecast for the next three to five years: (No. of units to sell X price for each unit) – (cost per unit X No. of units) = sales forecast

Quantify how much capital you have on hand.

When writing a traditional business plan to secure funding, you may append supporting documents, such as licences, permits, patents, letters of reference, resumes, product blueprints, brand guidelines, the industry awards you’ve received, and media mentions and appearances.

Business plan key takeaways and best practices

Remember: Creating a business plan is crucial when starting a business. You can use this document to guide your decisions and actions and even seek funding from lenders and investors.

Keep these best practices in mind:

Your business plan should evolve as your business grows. Return to it periodically, such as quarterly or annually, to update individual sections or explore new directions your business can take.

Make sure everyone on your team has a copy of the business plan, and welcome their input as they perform their roles.

Ask fellow entrepreneurs for feedback on your business plan and look for opportunities to strengthen it, from conducting more market and competitor research to implementing new strategies for success.

Start your business with Coursera

Ready to start your business? Watch this video on the Lean approach from the Entrepreneurship Specialisation on Coursera:

Article sources

Inc. “ How to Write the Financial Section of a Business Plan , https://www.inc.com/guides/business-plan-financial-section.html.” Accessed April 15, 2024.

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How to Write a Great Business Plan

By: William A. Sahlman

Every seasoned investor knows that detailed financial projections for a new company are an act of imagination. Nevertheless, most business plans pour far too much ink on the numbers--and far too…

Length: 11 page(s)
Publication Date: Jul 1, 1997
Discipline: Entrepreneurship
Product #: 97409-HCB-ENG

What's included:

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Learning Objectives

To gain familiarity with the four categories of information a business plan for a new venture must include: the people, the opportunity, the context, and the potential risks and rewards.

Jul 1, 1997

Discipline:

Entrepreneurship

Harvard Business Review

97409-HCB-ENG

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Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

Introducing three new products within the first two years of operation.
Achieving annual revenue growth of 30%.
Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

Innovative and eco-friendly product offerings.
Strong commitment to sustainability and environmental responsibility.
Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

Limited brand recognition compared to established competitors.
Reliance on third-party manufacturers for product development.

Opportunities:

Growing consumer interest in sustainable products.
Partnerships with environmentally-focused organizations and influencers.
Expansion into international markets.
Intense competition from established technology companies.
Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

Year 1: $1.5 million in revenue, with a net profit of $200,000.
Year 2: $3 million in revenue, with a net profit of $500,000.
Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

Revenue: $1,500,000
Cost of Goods Sold: $800,000
Gross Profit: $700,000
Operating Expenses: $450,000
Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example: The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

Depreciation: $10,000
Changes in Working Capital: -$50,000
Net Cash from Operating Activities: $210,000

Investing Activities:

Capital Expenditures: -$100,000
Net Cash from Investing Activities: -$100,000

Financing Activities:

Proceeds from Loans: $150,000
Loan Repayments: -$50,000
Net Cash from Financing Activities: $100,000
Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

Mission statement
Business Overview
Key products or services
Target market
Financial highlights
Company goals
Strategies to achieve goals
Measurable, time-bound objectives
Company History
Mission and vision
Unique selling proposition
Demographics
Psychographics
Pain points
Industry trends
Customer needs
Competitor strengths and weaknesses
Opportunities
Competitor products and services
Market positioning
Pricing strategies
Organizational structure
Key roles and responsibilities
Management team backgrounds
Product or service features
Competitive advantages
Marketing channels
Advertising campaigns
Promotional activities
Sales strategies
Supply chain management
Inventory control
Production processes
Quality control measures
Projected revenue
Assumptions
Cash inflows
Cash outflows
Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
It presents the company’s financial projections, showing its potential for profitability and return on investment.
It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
It establishes clear, measurable objectives that serve as performance benchmarks.
It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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Updating a Classic: Writing a Great Business Plan

A business plan can't be a tightly crafted prediction of the future but rather a depiction of how events might unfold and a road map for change.
The people making the forecasts are more important than the numbers themselves.
What matters is having all the required ingredients (or a road map for getting them), not the exact form of communication.
The best money comes from customers, not external investors.

Sean Silverthorne: " How to Write a Great Business Plan " has been one of the most downloaded articles on Harvard Business Publishing since you wrote it in 1997. Why do you think you hit a nerve?

Bill Sahlman: Writing a business plan is a seminal moment in the life of a new venture. Doing so entails committing to paper a vision of the factors that will affect the success or failure of the enterprise. People take the exercise very seriously and get emotionally invested in what they produce.

In that context, the article was written to give insights into how to think about the role of a business plan and its relation to new venture formation. I tried to explain that a business plan can't be a tightly crafted prediction of the future but rather a depiction of how events might unfold and a road map for change. I emphasized the notion that successful entrepreneurs constantly seek the right mixture of people, opportunity, context, and deal. They anticipate what can go wrong, what can go right, and they try to balance risk and reward.

Over the years, I have received many e-mails from folks trying to craft a business plan. They want feedback. Actually, they really want me to say that they are on the right track. I explain that I would need to get to know them and their opportunity much better than what is possible in an e-mail and that the written document is not as important as the people writing it. It's not science—it's art and craft.

Q: In the decade since the original article came out, business conditions have changed. If you were writing this piece today, would you change it much?

A: I don't think the world has changed materially. Successful ventures still have competent people pursuing sensible opportunities, using resources that help, in a favorable context. Yes, the context is very challenging today. But challenges create opportunities.

If gaining access to capital is hard, sometimes that means there will be fewer competitors. This period is almost the antithesis of the Internet bubble when everyone could raise money and start a company regardless of how lamebrained the idea. Also, we have difficult factor markets like energy, but that simply means that there are great opportunities for people with ideas for alternative energy.

Were I rewriting the article today, I might emphasize the importance of controlling your destiny by being conservative about access to capital. Many great ventures in the Internet era (pre-1999) ended up failing because they assumed they would have continued access to cheap capital. Many of those businesses failed, though the underlying idea was sensible. Similarly, we have seen a period when capital markets got ugly, which has a negative effect on all ventures, sensible and nonsensical.

I would also reinforce the idea that entrepreneurship is critical around the world. We are confronted with many crises from health care to the environment to global poverty. Solutions are likely to come from talented private sector and social entrepreneurs.

Q: You wrote in the original article that most business plans "waste too much ink on numbers and devote too little to the information that really matters to intelligent investors." Still true today? What really matters to investors?

A: When there is great uncertainty in the market, investors become quite risk averse. They will only back proven entrepreneurs with truly compelling ideas. People make the numbers, not conversely. So, I still think the people making the forecasts are more important than the numbers themselves.

Q: More and more entrepreneurial ventures are "born global": They seek to address a global market and attract funding from global investors. Should a business plan be tailored in some way for a global audience?

A: We live in a world of democratized access to ideas, human capital, and money. There are fabulous global ventures being started in every corner of the globe. These ventures can raise money locally or globally. They can disperse talent in many countries.

Take a company like Skype. When I visited Skype several years ago, it had 125 employees from 23 countries. The development team was in Estonia, and its headquarters in Europe. Skype had raised seed capital in Europe and in the United States. That's the new model.

Q: On the technology front, software applications such as Microsoft Word, Excel, and PowerPoint have added many charting, graphing, and visualizing capabilities. Some business plans are even written as Web pages. Should entrepreneurs avail themselves of these tools for business plans, or do they clutter the message too much?

A: On the first floor of the Rock Center at HBS there is a copy of the original business plan that Arthur Rock wrote for Intel some 40 years ago. It's only a few pages long, but it describes an outstanding team pursuing a new technology. I have seen compelling business plans in the form of a few PowerPoint slides, a couple of scribbled pages, and a brief video. What matters is having all the required ingredients (or a road map for getting them), not the exact form of communication.

Q: If you were to update your "Glossary of Business Plan Terms" and what they really mean ("We seek a value-added investor" really means "We are looking for a passive, dumb-as-rocks investor"), what current terms would you include?

A: The glossary holds today. I think entrepreneurs, investors, and employees need to be suitably skeptical about what they read in business plans. I have read perhaps 5,000 plans and have only seen three companies really meet their plan. That sounds like a pattern to me. If anyone makes a bet based on the company doing exactly as written, he or she will be sadly disappointed.

At the same time, every player has to be somewhat optimistic about the possibility of overcoming inevitable setbacks. I think of ventures as roller coasters, not rocket ships.

Q: Any general advice to entrepreneurs seeking funding in the uncertain capital markets of today?

A: The best money comes from customers, not external investors. I think entrepreneurs need ideas that are so compelling they can get early money from customers. I also believe that great teams with great ideas can continue to access capital on quite attractive terms from outstanding investors. If the short term looks unsettled, that often means that focusing on the long term has a big potential payoff.

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COMMENTS

How to Write a Great Business Plan
Why? William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical to the success of every new venture: the ...
How to Write a Great Business Plan
William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward. A great business plan is not easy to compose, Sahlman acknowledges ...
How to Write a Great Business Plan (Harvard Business Review Classics
In How to Write a Great Business Plan, Harvard Business School professor William A. Sahlman provides a framework that assess the four interdependent factors critical to every entrepreneur and new business venture. Judging by all the hoopla surrounding business plans, you'd think the only things standing between would-be entrepreneurs and spectacular success are glossy five-color charts ...
How to Write a Great Business Plan (Harvard Business Review Classics)
In "How to Write a Great Business Plan," William A. Sahlman shows how to avoid this all-too-common mistake by ensuring that your plan assesses the factors critical to every new venture; the people--the individuals launching and leading the venture and outside parties providing key services or important resources; the opportunity--what the ...
How to Write a Great Business Plan [Book]
In How to Write a Great Business Plan, William A. Sahlman shows how to avoid this all-too-common mistake by ensuring that your plan assesses the factors critical to every new venture: The people—the individuals launching and leading the venture and outside parties providing key services or important resources
How to Write a Great Business Plan
Investors discount them. In How to Write a Great Business Plan, William A. Sahlman shows how to avoid this all-too-common mistake by ensuring that your plan assesses the factors critical to every new venture: The people—the individuals launching and leading the venture and outside parties providing key services or important resources.
How to Write a Great Business Plan
In How to Write a Great Business Plan, William A. Sahlman shows how to avoid this all-too-common mistake by ensuring that your plan assesses the factors critical to every new venture: The people-the individuals launching and leading the venture and outside parties providing key services or important resources. The opportunity--what the business ...
How to Write a Great Business Plan
Why? In an article in the Harvard Business Review, HBS Professor William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward.
How to Write a Great Business Plan
Citation. Sahlman, William A. "How to Write a Great Business Plan." Art. 97409. Harvard Business Review 75, no. 1 (January-February 1997). Find it at Harvard.
How to Write a Great Business Plan: Sahlman, William A: 9781633694910
A quick read with an easy to apply, simple framework. I quickly used this framework on a 2-3 page business plan for a distribution business. It worked well for my company and was applied to future applications. More demanding business situations may require a more detailed framework and plan; but this book will certainly give you the basics.
Updating a Classic: Writing a Great Business Plan
Bill Sahlman: Writing a business plan is a seminal moment in the life of a new venture. Doing so entails committing to paper a vision of the factors that will affect the success or failure of the enterprise. People take the exercise very seriously and get emotionally invested in what they produce. In that context, the article was written to ...
How to Write a Great Business Plan (Harvard Business Review Classics
In How to Write a Great Business Plan, William A. Sahlman shows how to avoid this all-too-common mistake by ensuring that your plan assesses the factors critical to every new venture: The people—the individuals launching and leading the venture and outside parties providing key services or important resources;
How to Write a Great Business Plan Paperback
Paperback - Illustrated, March 1 2008. In How to Write a Great Business Plan, Harvard Business School professor William A. Sahlman provides a framework that assess the four interdependent factors critical to every entrepreneur and new business venture. Judging by all the hoopla surrounding business plans, you'd think the only things standing ...
William A. Sahlman
Sahlman, William A. "Aspects of Financial Contracting in Venture Capital." Chap. 16 in The Entrepreneurial Venture. 2nd ed. by William A. Sahlman, Howard H. Stevenson, Michael J Roberts, and Amar V. Bhide, 304-325.Harvard Business School Press, 1999. (Originally published in Continental Bank Journal of Applied Corporate Finance 1, no. 2 (summer 1988): 23-36.
How to Write a Great Business Plan
In How to Write a Great Business Plan, William A. Sahlman shows how to avoid this all-too-common mistake by ensuring that your plan assesses the factors critical to every new venture: - The people--the individuals launching and leading the venture and outside parties providing key services or important resources - The opportunity--what the ...
How to write a great business plan : Sahlman, William Andrews : Free
How to write a great business plan by Sahlman, William Andrews. Publication date 2008 Topics Business planning -- Handbooks, manuals, etc Publisher Boston, Mass. : Harvard Business School Press ... Be the first one to write a review. 51 Previews . 2 Favorites. Purchase options Better World Books. DOWNLOAD OPTIONS No suitable files to display ...
How to write a great business plan
William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward. The questions about people revolve around three issues: What do they ...
How to Write a Great Business Plan
Nevertheless, most business plans pour far too much ink on the numbers—and far too little on the information that really matters. Why? In an article in the Harvard Business Review, HBS Professor William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical ...
How to Write a Great Business Plan
Main Desk (Stamps Reading Room) Research Help (Stamps Reading Room) Quiet Study - HBS Tap Access Only (Stamps Reading Room) Special Collections & Archives (de Gaspé Beaubien Reading Room) Available in Baker Stacks: HD30.28 .S234 2008William Sahlman (HBS) defines the primary factors that should be included when writing a business plan.
Business Plan: What It Is + How to Write One
Business plan key takeaways and best practices. Remember: Creating a business plan is crucial when starting a business. You can use this document to guide your decisions and actions and even seek funding from lenders and investors. Keep these best practices in mind: Your business plan should evolve as your business grows.
How to Write a Great Business Plan
William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward. A great business plan is not easy to compose, Sahlman acknowledges ...
How to Create a Business Plan: Examples & Free Template
How to Write a Business Plan. Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan. From setting objectives to conducting market research, this guide ...
How to Write a Great Business Plan
In an article from the Harvard Business Review, HBS Professor William Sahlman suggests that a great business plan is one that focuses on a series of questions relating to the four factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward. William Sahlman. Every ...
Updating a Classic: Writing a Great Business Plan
Bill Sahlman: Writing a business plan is a seminal moment in the life of a new venture. Doing so entails committing to paper a vision of the factors that will affect the success or failure of the enterprise. People take the exercise very seriously and get emotionally invested in what they produce. In that context, the article was written to ...

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