John Brunner is a biochemist at a major university. He is thinking about starting a business to commercialize some animal vaccines on which he has been working.

John just registered for a biotech investment conference in Boston. A number of venture capitalists are on the program, and John hopes to talk to them about his ideas. John hasn’t written a business plan and doesn’t see the need to write one. When asked about this issue, he told a colleague, “I can sell my ideas without the hassle of writing a business plan. Besides, I’ll have plenty of time to talk to investors at the conference. If they need additional information, I can always write something up when I get home.”

Explain to John why his approach to the development of a business plan is unwise.