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The complexity of your business plan will obviously depend on who you are presenting it to and how much time and depth you can get into the research.
I can tell that you most angel investors and Venture Capitalists
look for a couple of basic things
1)competative advantage
2)market analysis showing there IS a market for your product/service
3)good management with experience
Who is this guy that is giving you the advice, is it just a friend?
"why dont you try and get a high 5-figure investment, use it to pay me"
If you get a 5 figure investment, depending on what your product is, that money will most likely get burned really fast. Most private start ups that I know of at my university do not pay themselves or the partners at the beginning. Most of the money is invested into development and marketing. Obviously if he is someone that u need to hire to design and develop the product, then that is different.
If u need anymore help just hit me up at danny (at) digitalneurosis.com
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