Executive Summary Guidelines
An executive summary of your business idea and concept should include the following topics. The outline should give a complete idea of what business is proposed in a maximum of three pages plus a cover sheet (see attached template). Bullets can be used in order to be concise and to the point.
Business Summary — This is a summary of the idea. Describe the background of the company that is planned to be formed or already formed, and give a general idea of what the business seeks to accomplish.
Technology Viability — This is an outline of the technology behind the idea. Describe the technology and its feasibility. Be sure to discuss the uniqueness of the business idea relative to competitors along with the following:
- What is the business' competitive advantage (i.e., what is stopping other competitors from entering this area, how is this business idea better than everyone else in the market?).
- Describe the need for this product or service — what does this business idea bring to the table?
Product/Service Summary — This is an outline of the actual product or service being sold and an in-depth description of exactly what is proposed for market and how it will be designed or developed. Be sure to include the following:
- The price at which the product/service will be sold, the costs associated with the business, margins and profits.
- Describe the expected financial performance generated from the product or service, and give some idea about the expected income as applicable.
Markets — This area describes the marketing approach:
- Describe the potential customer base in terms of: income, where they shop, how they buy, geographical location, age, gender, etc.
- Describe the channels that will be utilized in terms of where the product will be sold and how (i.e., direct salesforce, by catalog, online, business to business, etc.).
- Describe the pricing strategy (i.e., is this a premium product that is priced high or is it something that might be purchased at Wal-Mart?).
- Describe the types of promotional activities. Highlight the branding strategy and how customers will be made aware of the product or service.
- Describe the size of the market and any other factors that might need to be considered and/or integral for the idea.