You've got the idea. The pitch. The passion.
But your business plan? It’s the make-or-break document—especially if you're applying through Canada's Start-Up Visa Program, pitching investors, or entering an accelerator.
At INWEST Ventures, we’ve reviewed hundreds of startup business plans and pitch decks from international founders. Many are full of potential—but also full of small (and big) mistakes that derail the entire process.
Here are the 7 most common business plan mistakes founders make—and how to fix them before you hit “send.”
Mistake: “We solve X for Y” without evidence or urgency.
Fix: Clearly define:
Mistake: Generic promises like “we are better,” “we are faster,” or “we’re the Uber of X.”
Fix: Clarify what truly makes you different:
Proprietary tech?
Niche focus?
Price advantage?
Speed or service?
Mistake: "$100M in Year 3" with no plan to get there.
Fix: Focus on:
Unit economics
Revenue logic (how money comes in)
Reasonable 3-year forecast with assumptions
Investors don’t need huge numbers. They need credible ones.
Mistake: “We’ll use social media” or “We’ll go viral.”
Fix: Outline:
Great ideas fail without a real plan to reach customers.
Mistake: Building before testing—zero proof that people want it.
Fix: Add:
Mistake: “We have no competitors.”
Fix: Research at least 3 real competitors. Analyze:
Mistake: “We’ll figure it out later” or listing 5 revenue streams from Day 1.
Fix: Focus on one primary revenue source. Describe:
Your business plan isn’t static. It evolves. Update it as you test, learn, and grow. At INWEST Ventures, we treat every business plan like a strategic roadmap—not a formal document for show.