You might think that the only thing standing between a would-be entrepreneur and spectacular success is a glossy business plan with five-color charts, detailed spreadsheets, and a decade of month-by-month financial projections.
spectacular adj.壮观的；壮丽的；令人惊叹的；公开展示的
glossy adj.有光泽的；光滑的；浮华的；徒有其表的
gloss vt.注释；掩盖；使光彩 n.注释；假象；光彩
spreadsheet n.电子数据表；电子表格
financial projections 财务预测
But experienced investors know that these are mostly based on wishful thinking, not reality.
wishful thinking 一厢情愿
What do they really want to see?
Harvard Business School professor William Sahlman argues there are four factors critical to the success of every new venture and every great business plan.
venture vt.敢于 vi.冒险；投机 n.冒险；风险；企业
First, introduce the people starting and running the venture as well as outside parties, such as its lawyers, accountants, and suppliers.
parties n.当事人；党派；党政机关；同行者
the parties concerned 当事人；有关方面；协议双方
Most savvy investors will focus their attention on people because they believe that execution skills are what matters most.
savvy n.悟性；理解能力 v.理解；知道 adj.聪慧的；精明的
marketing savvy 营销知识；技能
exe'cution n.执行，实行；依法处决；技巧
You need to prove you have the skills, experience, and network necessary for success.
Next, the opportunity is a profile of the business itself, what you're going to sell, to whom, for how much, and so on.
profile n.侧面；轮廓，外形；剖面
company profile 公司简介；公司概况；企业介绍
Be sure to talk about the competition.
If your business plan describes an unbeatable（译为：无与伦比的） market position, you'll sound naive.
A good business plan openly discuss its strengths and vulnerabilities.
Third is context.
Here you need to show not only your understanding of the big picture —— the regulatory environment, interest rates, and so on —— but how you will respond when these external factors change.
regulatory adj.调整的
regulatory environment 监管环境
regulatory framework 规章制度；规管架构
regulatory system 调节系统
inevitably adv.不可避免地；必然地
Finally, talk about risk and reward.
What happens if one of the founders leaves?
What happens if demand skyrockets?
Assess everything that can go wrong and right and explain how your team will actually respond.
But wait, you might be wondering, what about the numbers?
Yes, business plans should include some numbers, but those numbers should appear mainly in the form of a business model that shows your team has thought through key components of the venture's success or failure.
When will the business begin to make a profit?
How will investors eventually get money when the business succeeds?
A business plan that asks and answers the right questions is a powerful tool.
A better deal, and a better shot at success awaits entrepreneurs who use it.