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Of course, writing a business plan is a great exercise because it will service as a vehicle to get funding, though most VCs prefer a short PowerPoint presentation that distills the information from it. During an in-person meeting, the VCs will ask tough, penetrating questions and will expect well-thought-out answers. After a rigorous effort to get a business plan polished and finished, the presenters should be well prepared to answer those probing questions clearly and without hesitation about the corporate philosophy, the product roadmap and the financial plan.

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