Fill your business plan library with business books that inspire, challenge and answer these questions. Read. Read. Read. And, study too. Find out how some companies are reinventing competition in their markets and obtaining funding while others are seemingly oblivious to the changing world around them.

Michael Treacy and Fred Wiersema set out to find answers to these types of questions in their book The Discipline of Market Leaders. Although the authors won't appreciate this comment, I found the underlying fundamentals in The Discipline of Market Leaders to closely parallel those laid out by Porter in Competitive Strategy. Perhaps that's why I like it so much. The difference, however, is that they present their material in a less academic, more engaging way. And, they provide excellent case studies that are sure to generate many aha's! The Discipline of Market Leaders will make you think about what it is your company or new venture does better than anyone else; what unique value do you provide to your customers? How will you continually increase that value? If you can't easily answer these questions about your business, The Discipline of Market Leaders is required reading and a must for your business plan library. The business owners and entrepreneurs that can answer these questions are not only raising the value bar in their industries, they're raising capital for their businesses!

Finance and Economics

Be sure to keep your business plan library well balanced...

Let me give you a sense of that balance. First is finance and economics. We all have got to have a sense of how to make money...the universal laws of business success, no matter whether you are selling fruit from a stand or running a Fortune 500 company. Finance and economics are the basic building blocks of business. Your business plan library needs a few books on the numbers. When you understand the basics of finance and economics its possible to bringing the most complex business down to the fundamentals. You become empowered to focus on the basics and make money from your venture.