Also consider the writing skills and attention to detail that went into formulating the plan. This should be a concise "elevator pitch," not a summary of the business plan.
In one or two pages, it should convey the market opportunity and the uniquely compelling features of the business that will help it meet that opportunity.
Good business plans provide a thorough and logical breakdown of how a business makes money by delivering goods or services to customers and taking payment.
They are designed to answer the question: Can this business work under real-world conditions?
Most entrepreneurs vastly overstate their company's potential, starting with the market size and market share.
Financial figures should be based on historical data if available, or very conservative projections if the company is not yet profitable.
If the founders haven't invested their own capital into the business, or plan on keeping their “day jobs” while running the business, they might lack faith in the project.
Ensure that the financial projections are both promising and realistic.
The company should have experienced advisers, either formally or informally.
It is paramount that the principals involved in the business convey their passion and drive toward success with this project.