My favorite chunk:
If the plan says: “We have no competition”.
I read: Actually… I stop reading the plan. Always beware of entrepreneurs that claim they have no competitors. If they are right, it’s a problem and if they are wrong, it is also a problem. Every business has competitors or else there is a current solution to this customer need. If there are no competitors for what the entrepreneur wants to do, there is a good chance there also is no business.
So what should an entrepreneur do? Write the plan in plain and proper English. Please understand that the reader comes to the plan with no knowledge of your business. No fancy words, clich\0s or graphs will make them want to invest. Understand every part of your plan and be able to defend it. Use your own passion to describe your plan. Make your plan your own.
One of the marketing strategies I teach is designed to create a Competition-Free Environment, yet I agree 100% with what Barry has said about competitors. Sometime in the future I’ll talk about why, it has to do with the difference between market identification and market domination.