What role does the business plan play in the venture creation process?

(1) What role does the business plan play in the venture creation process? Why do venture investors require this extra rigor?

(2) Entrepreneurs often like to focus on the new product or service they are offering. Why is it important to think more broadly than this? What else do we need to consider?

(3) Consider a great product (your choice) that ultimately failed. In your opinion, why did this offering fail? What could the team have done differently that might have changed this outcome?

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