How to write a great business plan

Every million dollars you earn will start with an idea. But one idea is not enough. It must evolve into a strategy. Another word for strategy is a "plan." In today's Book-of-Day, "How to Write a Great Business Plan," Harvard professor William explains the secrets to creating your own business strategy. It's a short read. But you definitely want to buy it. Here are some of my notes for you:

1. Plan around 4 main areas:
A. Why your team is qualified (What do you know? Who do you know? How well do you know it?)
B. The opportunity (things that the entrepreneur can control).
C. The context (Things that the entrepreneur can not control.)
D. Risk and reward (Be honest about what things could make your business fail, not just about how many you could do theoretically).

2. Your plan should look like a movie about the future: Show the story from multiple angles. Unfold the possibilities of problems and you react to them. Discussing things as a moving goal does not as a guarantee that you know what the future holds.

3. Do not be too arrogant and think that you are the only one with the idea: "Among the many sins committed by writers of the business plan is arrogance." In today's economy, few ideas are truly proprietary.

Go out and do something great with your life. But do not do it at random. Make sure you are following a good plan.

Stay strong,


Video credits to Tai Lopez YouTube channel

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    How to write a great business plan

    Comments 32

    1. I have a brilliant idea. im gonna take gonna do all the research i possibly can on you, your buisness, your people, and reconstruct it like you just tried in the last question and use it for myself. Appreciate it. Hopefully only your buisness or the person reading this accoasiated with you will understand.

    2. My idea: A courier-like business. We do your errands. Buy your grocery, take ur clothes to laundry, buy fast food, pick and drop ur kids to school, etc. Clients will pay subscription (e.g like in a gym, and prices will vary according to package. For clients who are a part of us for more than 3 months, they will benefit from using free internet at our premises and other benefits…

    3. I just wanna say thank you Tai. All your video inspire me everyday on working on my dream.

    4. What can a person do if he has a an idea and a plan but not sure if everything goes out well.

    5. Hello, this video was very informative. I'm currently writing my business plan, any way I can get in touch with you so you can hear our pitch?

    6. HI!
      I have to write a Business Plan for a project that can make receive 200.000€, i'm in the final with other 3 people, i'm lost, i have a layout but honestly i don't know what to do. maybe i'm scared, in fact it's a lot of money for a 21yo guy, i have a tutor that it's Always busy, he only told " don't focus on the money" wich is a good advice but what else!

    7. Brilliant! by 2:44, i got it, i understand, lol only because it make so much since the way he explains it. Thank you so much.

    8. I Am following all your footage now but soon i will be in one of your videos as another success story. Thanks!

    9. My current idea is to create a protein bar business. Bars that will taste great and have two distinguishing unique flavours in the protein bar industry. With of course an aim of having multiple trents….however the flavours and the contents in the bar will be the big part. My biggest strategy is to focus on the value of the product that it can bring. I will put the most of my effort in building a killer protein bar that will taste amazing be lower in calories and quality ingredients. ( definitely aiming to be quest bar level).
      Been a passion of mine for the last three years, everyday on my mind and doing this for fun. It's time.

    10. Another element of writing a good business plan is how a product appears to buyers. From my experience is fashion, ive learned that retail buyers actually dictate whats available to the people. Ive found that what i believed worked in society worked in my personal boutique, but was not accepted by the buyers. The items they selected worked for their base, and all of my buyers picked the same products, which tells me that there is a taste exclusive to buyers, regardless of whether or not they overlook potential money makers.

    11. hey i'm 17 almost 18 and a giant geek and i would like to start a clothing line. my plan is to make more physically capable clothing with a geeky theme. i want themes like fantasy movies, anime's, video games and TV shows. stuff for the inner child but still able to wear to the gym or running or just in everyday situations.
      i was wondering if you could give me feedback or some tips that would be wonderful. If you would prof read my business plan that would mean the world. Thank you.

    12. What would you consider to be "must haves" before you begin writing your business plan? I am sort of looking for the obvious answers, more or less to confirm i am on the right track coming from the highly valued opinion of a very influential & successful modern business mogul… a.k.a Tai

      Thanks so much.

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