How Not to Write a Business Plan

Business plans and resume cover letters have a lot in common—they often find their way immediately to the trash.

I had never made this connection until I read this Wall Street Journal article. It's writer, John Mullins, sought out to figure out why so many business plans end up in the trash can after -- or halfway through -- the loan officer or potential investor reads them. He found out that it's because the wannabe business owner made one of five common yet critical mistakes.

In this article, Mullins explains what the traps are and how to avoid them. After reading it, cross-reference his checklist with your business plan to decrease your big idea's chances of meeting the garbage can.