Costs are lower, and more talent is available,
thanks to layoffs. Prospective clients are more likely to try a new supplier who
can help them cut costs or increase their competitiveness. Established players,
too, are focused on cutting costs instead of increasing market share.

Of course, starting a business means finding funding, and finding means
writing a business plan.

In his very
long WSJ article, Mullins explains what not to do
when writing one up. We've boiled it down to five bullet points:

• Don't focus on your amazing technology. Focus on the
  customer need your business will solve.
• Don't overestimate the size of an untapped market, and then
  claim your business will only need to capture a small slice of it. In untapped
  markets, the consumers don't know they need a product yet and they don't know
  how to get it. Mullins calls these the "Coke-for-Every-Kid plans."
• Don't stretch the numbers. Mullins quotes an entrepreneur
  who says, “With a couple of beers and an Excel spreadsheet, you can make a lot
  of money in no time." Don't try it.
• Don't lead with your resume. Investors don't care how many
  Harvard MBAs there are on your team.
• Don't ignore the risks your business will face. Investors
  know all businesses have their weaknesses. Don't be naive and try to pretend
  yours won't.

Happy Labor Day!  Boo Hoo–summer's almost over.