Business plans do not matter as much as connections to key people

This is what I keep telling my business partners as I go to meetups, Barcamps, and geek dinners by myself. Phil Leigh interviews Dr. Benson Honig, entrepreneurship professor at Wilfrid Laurier University for Social entrepreneurship is an important ingredient in startup success. If you or a member of your team is not a social butterfly, consider partnering with one or learning to become one. Check out the post here.

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Imagine you are in the lobby of a VC firm waiting to give your presentation. You got the connection through a friend of a friend. Your business plan is thorough. You have all of your numbers worked out. Your PPT is only 10 slides. You have your 10/20/30 worked out. You strike up a conversation with a member of a team of other entrepreneurs also waiting, and one of them knows one of the VC partners personally, and they hang out. He tells you they do not have any financial projections because the area they are innovating in is too new and changing too fast, but there is an opportunity. Who do you think is more likely to get funding? (disclaimer: I don`t know that entrepreneurs hang out in lobbys of VC firms waiting to give presentations, just a hypothetical situation).

Guy Kawasaki riffs on other reasons business plans are not the key to a successful startup/funding (there are many other factors).

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