Most venture capitalists won't read a business plan unless the entrepreneur is introduced to them by a contact.
Everything you want is cheap or free. If you went to a venture capitalist and said: "I need money to buy tools." You flunked the IQ test, I mean every tool that you need is free!
Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money, and they made it in just a few periods. Everyone else returned between mediocre and lousy. When returns happened, envy rippled through institutional money management. The amount invested in venture capital went up 10 times post-1999. That later money was lost very quickly. It will happen again. I don't know anyone who successfully resists this stuff. It becomes a new orthodoxy.
The great danger of dealing with venture capitalists is the 'slow maybe'.
While I'm a venture capitalist who invests in early-stage tech companies, I often feel like a professional emailer and conference call maker. I try to spend most of my time doing whatever the companies we are investors in need me to do.
What do you get when you cross a herd of sheep with a herd of lemmings? A herd of venture capitalists.