Abstract
Prior research indicates that many of the startups stop their business in few years because of "liability of newness". This research examines the influence of characteristics of top management team (TMT) to the quality of a business plan in high growth startup firms moving into the black quickly. The analysis employs 6 waves' questionnaires answered by startup's owners in the US and structural equation modeling (SEM).The results show that the past startup experience of TMT members, and taking the leadership by the chief financial officer (CFO) or the administration member have a strong positive effects to the quality of business plan. This research proposes that sufficient consideration to the TMT members is the key component of success with startups.
