But run-of-the-mill risks like unexpected competition or customer reluctance can be ignored here. Paint a convincing portrait of an opportunity so compelling that only a dullard wouldn't recognize it and desire to take part in it. In their book, write Your Business Plan, the staff of Entrepreneur Media, Inc. Offer an in-depth understanding of whats essential to any business plan, whats appropriate for your venture, and what it takes to ensure success. Here's a suggested format for an executive summary: 1. What's the business idea, what problem does it solve and how does it fit into the marketplace? Youll need to explain why your idea has merit and how it can solve a common problem by making things easier, faster, or cheaper for the prospective customer(s).
First Steps: Writing the Executive Summary of Your Business Plan
They seldom want to go longer than three to five years to cash out. They always want to know what the exit strategy is. Dont forget yourself: Its a rare company that doesnt have any investment from the entrepreneur or entrepreneurs who started it. It has to briefly hit the high points of your plan. It should point readers with questions requiring detailed responses to the full-length sections of your plan where they can get answers. Give It a Happy Ending, the summary is the place to put your best foot forward, to talk up the upside and downplay the downside. As always, accentuating the positive doesnt mean exaggeration or lying. If you have to negotiate details of exactly what any equity investors will get, theres time to do that later. For now, you just want to give people an idea of how the ownership will be divided.