Semester-long projects involving real-world clients have numerous benefits for students, including greater levels of involvement and an opportunity to experience what it is like to do business research outside of academia; however, real-world projects have a unique set of challenges for students and professors. These challenges relate to the need to achieve clarity regarding problem definition, research expectations, and deliverables. Real-world projects also have increased potential for unexpected events during the course of the project, including issues involving problem definition, data, and communication challenges. To address these concerns, the author suggests the use of contingency planning for some more likely issues, and the use of a “one-sheet” project proposal to clarify expectations, responsibilities, and deliverables. An example of a one-sheet project proposal is included.