Please read the article and answer about questions. Business Plan Background Gai

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Please read the article and answer about questions.

Business Plan Background

Gail and Sara had a good idea, a good sense of their market, and a good location. They were great salespeople, and yet they were not making a profit. The reason was that they did not plan their busi- ness all the way through. When you are serious about your business or when a lot of money of your own or someone else’s is at stake, creating a business plan is perhaps the most critical activity you can undertake. The plan is important, but what is even more important is the understanding you get from the planning process. This chapter will help you understand the thinking behind business plans and how to make and present your own.

A business plan is a document designed to detail the major characteristics of a firm—its prod- uct or service, its industry, its market, its manner of operating (production, marketing, manage- ment), and its financial outcomes with an emphasis on the firm’s present and future.

There are two circumstances under which creating a business plan is absolutely necessary. One is when outsiders expect it. This is called external legitimacy. Creating a business plan is the acknowledged best way to build external legitimacy for your firm. When you are seeking outside support—whether financial or expert—you do a business plan to signal your professionalism and how serious you are about the business. Investors, whether they are venture capitalists, informal investors (called angels), government bureaucrats, bankers, or your two great aunts, are going to ex- pect to see a business plan before considering investing in your business.1 If you are pursuing a part- nershiporjointventurewithalargerfirm,aplanistheonlywayyouaregoingtogettheattention of outsiders. The kinds of benefits these different groups look for in a plan are given in Table 8.1.

Keep in mind how business plans get used. The most common use of business plans is when you are raising money for your business. In that case, the plan becomes a way to introduce your idea, your business, yourself, and your deal to the reader. The plan is a sales document, but also the first installment in the relationship you are hoping to build with an investor. You want your plan to be easy to read, to make clear who you are and what you are offering, both as your goods or service, and as a potential investment. Remember that many potential investors, especially family and friends, may not have an extensive background in your proposed business, so the plan needs to explain how your industry (i.e., you versus your competitors) works and how your business fits into and builds its opportunities in its market (i.e., with your customers).

The items for each type of audience in Table 8.1 can help remind you what parts of your plan are crucial for the intended audience. It is not uncommon to have different types of plans for different audiences. Your Aunt Mary may not be into the social media industry, but she wants to know how long you’ll need her money and what she will get in return. And if she refers the plan to her accoun- tant or attorney for an opinion, they will want to know these things for sure.

On the other hand, if you are presenting to accomplished angel investors individually or in groups, they will want to know a great deal about your business market potential. They want it to be big to assure the high returns they demand for their investment. They will want to know the pro- jected growth rate, and since they probably don’t know you as well as your Aunt Mary does, they will want a lot of information about you and your team, since most angel investment can be based as much on the investor’s assessment of a venture team as on the product itself. Most angels believe a winning team can make the most of nearly any situation.

Remember that while Aunt Mary and the angels will require a full business plan (as we call it in Table 8.3) others in Table 8.1 would not expect to see everything about your business. For example, you might develop a version of the plan for potential key employees or key suppliers. Neither would expect to see your financials, but both would want to know what the business is about, who is in your market, and who is on the firm’s team already. So when putting your plan together, flip between Tables 8.1 and 8.3 to make sure you get the right sections (from Table 8.3) and emphasize the right issues (from Table 8.1) to get the most from your business planning effort.

The other circumstance under which a business plan is needed is for internal understanding. This is when you want to get all the aspects of the business clear in your mind and the minds of oth- ers in the business, such as your partners or your key employees. For example, the La Terrasse Res- taurant in Philadelphia has long had an extensive business plan. It talks about the history and vision of the restaurant and includes a detailed operational plan covering everything from table layouts to techniques for minimizing waste. For new hires, the plan offers insight and specific information on the La Terrasse way of doing things. Is a business plan absolutely essential? If you are seeking a banker, investor, or partner, yes. Generally if you need outside support to get a business going, those you are seeking support from will want to see a business plan—and you will want to make sure the plan addresses their concerns.

Also, if you are trying to start or run your business in a professional or ambitious way, a busi- ness plan is vitally important. It is true that some of the most famous entrepreneurial firms—Apple, Microsoft, Dell, Holiday Inns—started without business plans. On the other hand, there are a lot more famous firms that started from the business plan—Amazon, eBay, Mrs. Fields, Red Hat, Xerox, and Federal Express to name a few.3 When Inc. magazine polled 500 owners of high-performing small businesses, 54 percent had a plan and 41 percent did not.4 Typically, the higher-performing firms in any industry (measured in profits) tend to be those who engage in planning.5

It is important to know that research suggests that firms without a business plan are more likely to close down than firms with plans.6 While having a business plan does not guarantee higher profits,7 it is essential to qualify to be considered by business professionals for investments, loans, or credit lines. For example, Apple and Microsoft drafted business plans when they wanted to go for venture capital funds.

These days, more start-up businesses are doing business plans than in the past, which increases the importance of your doing one to stay competitive and look as legitimate as the other competing start-ups.9 In your head or on paper, sooner or later most businesses need to do a plan.

The Business Plan Story: Starting Small and Building Up10

Business plans are a type of story. In a business plan, you tell the reader about a future place—your business. Every business plan is a bit like fiction. The best fictional stories are based on what exists now, as a good business plan should be. The business plan tells a story that starts in the here and now and builds believably toward a better future.

Good storytellers know that you make the story fit the audience’s time. Sometimes you have only a moment to get the story of your business across; sometimes you have hours. Entrepreneurs need to have a variety of versions of their business’s story available.

Figure 8.1 shows the path or sequence of presentations entrepreneurs may create when plan- ning to go into business. When you have only a moment to talk, your vision statement or a tagline you’ve developed is the way to go.11 When you have more time to talk about your business, longer and longer presentations are possible. These range from the 2-sentence concept all the way to the 40-page business plan. The five types of business planning presentations are (1) vision statements, (2) mission statements, (3) elevator pitches, (4) executive summaries, and (5) business plans. We tell you how to do each below.

The Vision Statement

A firm’s vision statement is perhaps its most important single idea held by the owner and employees.12 The vision statement is a very simple 5–10 word sentence or better yet a tagline that expresses the fundamental idea or goal of the firm. As strategy professors Greg Dess and Tom Lumpkin sug- gest, a vision statement is supposed to be inspiring, overarching, and long term.13 When Bill Gates and Paul Allen started Microsoft as teenagers, their vision was “a computer on every desk—running Microsoft software.”14 At the time, personal computers were being constructed by hobbyists and even lacked keyboards! So you can easily see how visionary their vision statement was.

Taglines or slogans or what Guy Kawasaki calls a mantra, are a good way to present vision statements, because a good tagline or mantra is brief and memorable. The tagline can also serve as the company’s vision statement.15 Some examples of good taglines encompassing the firm’s vision statement are:

          Book Passage (Corte Madera, California): The Bay Area’s Liveliest Bookstore.    Crum Electric Supply (Casper, Wyoming): Plug into Quality—People, Products, Service.     Progressive Insulation & Windows (Chatsworth, California): Total Living Comfort.

The Mission Statement

The mission statement is closely related to the firm’s vision statement. The mission statement takes the vision statement’s description of the firm’s goal and adds the competitive advantage in- formation developed as part of the firm’s strategy. For example, the Excalibur Seasoning Company says its mission is “to provide you, as a customer, with the highest quality products and service available in the seasoning industry.”16 Typically a mission statement talks in terms of what will make a difference for the customer or the industry. It rarely discusses profits, but it often mentions the entry wedge that follows from the firm’s strategy17 discussed in Chapter 7. A few more examples of mission statements from small firms are:

          BabyGenie.com (Fort Lauderdale, Florida): The mission of BabyGenie.com is to become one of the best online resources for young mothers and repeat parents.

          Bob Victor’s (Topeka, Kansas): Our GOAL is to manufacture the finest solid American hard- wood mouldings from hand-selected American hardwood with real wood finishes.

          Fantastic Gift Baskets (Raleigh, North Carolina): The family at Fantastic Gift Baskets puts the same care and love into designing our gourmet gift baskets as you would . . . if you had the time!18

Mission statements can get long. Since they are usually oriented toward those inside the firm or to formal investors, mission statements tend to cover everything that is truly important. This might include the major competitive advantages of the firm, its position in the industry, and its attitudes toward customers, competitors, and the environment. Remember, however, that the best mission statements are simple, short, and direct.

The Elevator Pitch

An elevator pitch is an action-oriented description of your business that is somewhat longer than a vision statement or tagline. It is designed to open the door to a more in-depth dialogue. Even when it doesn’t lead to any specific business, this information about your business should be memorable enough so that the listener can tell others about your business. The idea of the elevator pitch is that you are alone with a prospective customer or investor for the length of an elevator ride, say, around 30 sec- onds.19 That comes out to 100 words or less. This description is used in one-on-one business settings and when someone asks for more detail after hearing your concept. In a time when politicians develop sound bites and a good phrase can make a product (Altoids, for example, are “curiously strong”), hav- ing a high-quality concept or elevator pitch for your business is more important than ever.20

In life there are “needs” and there are “wants.” We think we can cover both in a single bite . . . At Red Jett Sweets we are intent on baking a cupcake that sends mind, body and soul to a whole new place. Whether you are a traditionalist or an adventurer, you will find a cupcake for every craving. We offer a number of crowd-pleasing flavors on a regular basis as well as a rotating menu of featured cupcakes that simply sparkle with innovation and wit. All that and we’ll deliver our sweet sensations right to your door. So next time you encounter that “can’t-live-without-it” impulse, give us a call! Red Jett Sweets. Have Sugar. Will Travel.

The above elevator pitch leads with the hook—luring us to think about needs and wants and food all at once. It follows up with the purpose of the service—providing outstanding cupcakes. For a familiar type of business like this one, you talk about what makes your firm unique or superior to the competition. If your pitch were for a new type of service, you would want to give the listener more details about how it works than may otherwise appear in an elevator pitch. The pitch ends with where the business is now—seeking sales from customers, although this could also be where you close asking for money from seed investors. This is about 115 words and would take about half a minute to say. Note that a lot of it sounds like a sales pitch, and that is intentional. Listeners might be customers or investors, but either way, the goal is to sell them on the idea and their need for it. With this background, Skill Module 8.1 explains how to craft an elevator pitch.

The Executive Summary

An executive summary is the key component of the written business plan because it is the one element that nearly everyone will read first when they receive a plan. An executive summary gives a one- to five-page (250–1,250 words) overview of the business, its business model, market, expecta- tions, and immediate goals. (See Exhibit 8.1.) Typically, executive summaries start out written, and they remain the most popular item to send people who ask about your business. They comprise the core of a business plan presentation and form the basis for additional discussion when someone asks for more detail. Executive summaries are written in a formal style, suitable for investors, lawyers, and bankers to read. They give much more detail about the business than the vision or mission state- ments or elevator pitch. Executive summaries are usually organized in a series of short paragraphs (three or four sentences), each with a particular topic. These topics are:

          Product: Describes the product or service and how it is used.             Market: Describes the size and characteristics of the customer group and how it will buy the

product or service (e.g., in person, online, catalog).            Competitive advantages: Explains what makes the product or service unique, often in terms

of an entry wedge.    Management: Describes the entrepreneur and start-up team in terms of expertise and track record.

          Business: Describes the current stage of the business and when major milestones of starting, sales, or profitability will be met.

          Finances: Describes the deal being offered investors and the schedule for payouts.

The order for the topics in an executive summary is not fixed, although most experienced read- ers will be looking for the same items—markets, advantages, and management. The summary is probably the single most important written part of the business plan for two reasons. First, it is the single most widely distributed written description of the business. Second, all readers of a business plan typically start with the executive summary of the plan, and then go on to the section of the plan where they can best apply their expertise. For example, accountants typically go to the financial projections after they’ve read the executive summary.

It also is typical to include the key numbers for the business, such as industry size, customer base, number of employees, or projected sales. However it is important to make sure that the numbers can be supported by a trustworthy source. Examples of such sources include the government, industry associations, and major commercial sources such as Dun & Bradstreet, the Risk Management As- sociation, BizStats, or Bizminer. The sources may be included in the executive summary or made available to readers in footnotes.

Strategizing for the Business Plan

The business plan brings together every aspect of your business including your product and ser- vice, your market and your strategy. Before launching on the business plan, it makes sense to think through the approach you want to take in the plan—in particular how the plan ties together key ele- ments like the vision/mantra or mission covered in this chapter, or the strategic objectives discussed in Chapter 7. It also helps to be clear in your mind about the plans you want the business to pursue before you start writing the plan. A great way to help organize your thinking and work so far is The One Page Business Plan® developed by consultant and entrepreneur Jim Horan.21 This approach provides a great way to translate your ideas and strategies into components of a business plan and organize your thinking about the overall message of your business plan. With Jim’s permission, we have adapted The One Page Business Plan® to fit with the approach you have read about so far. Our 5-M Model uses one-line bullet points in five areas to structure your thinking and your full business plan:

Mantra: This follows the Vision/Tagline/Mantra model discussed earlier in this chapter. Aim for 3–4 words, or 6 at most.

Mission: This also follows the approach described earlier focusing on competitive advantage and goals, with a definite time period in mind. Mission statements typically give the company name, product or service, and its customer or market. Mission statements also give the firm’s major business goal, which can be stated quantitatively or qualitatively, but always with a time period or end date.

Measures: These are business goals given as measurable results, in terms of sales, market share, employment, locations, profits, growth, etc. It is typical to have multiple measures, and they are typically given in quantitative form. This section should reflect the Mission.

Method: These are the activities which would make your business successful over the time period given in the Mission section. It should tie in with the Measures and Mission. As with Measures, it is typical to have multiple methods. Methods in this exercise typically involve identifying qualitatively stated strategic achievements (vs. numerical outcomes in Measures) which would prove you have done what you set out to do as a business.

Mechanics: This last section ties into everything above, and gives several speciic tasks the business needs to do to accomplish what is mentioned in the Method and Measures. These are often given as one-line project descriptions (e.g., “Open two locations by June 1,” or “Hire an advertising irm by November 15.”). An example of a completed 5-M Model is given in Figure 8.2. A downloadable blank form for doing your own 5-M Model is available from the Entrepreneurial Small Business Online Learning Center or your instructor.

With your 5-M Model completed, you have a roadmap for designing your business plan. With the results of this business plan strategizing process in hand, you are better positioned to develop a plan which not only meets the goals of important outsiders like investors or partners, but also your own goals for the business.

The Classic Business Plan

The business plan remains the standard for describing the business in detail. The business plan takes all the elements introduced so far and includes them in a complete description of the major elements of the business. The nine parts of the full business plan are detailed below and outlined in Table 8.2. The full (or classic) business plan contains a maximum of 25 single-spaced pages of text and 15 pages of financials and appendixes.22 Plans for any business whose product or service is new, even revolutionary, or in which the entrepreneur is new to the industry, are the ones that really need these 25 pages. However, recall from our discussion of strategy that most small businesses are more imi- tative than innovative. When you are going into an imitative business, your business plan can be shortened considerably. Where the type of business is well established, such as a dry cleaner or word processing service, the market is well defined and well known, and the entrepreneur comes to the business with experience in the industry, the amount of necessary description drops dramatically. In such cases, these simple business plans may require only 10 pages of text.23 Even so, the financial section remains its usual length, although the appendixes may be sparse.

Table 8.2 summarizes the classic business plan in outline form, and page budgets are given for each content section. The shorter lengths are the typical page budgets for simple business plans, while the longer lengths are typical for full business plans.

Cover Letter

When you send a business plan to someone, it is a good business practice to include a cover letter. A cover letter is a one-page document on business stationery (also called letterhead) that introduces the business plan and owner and indicates why the recipient is being asked to read the plan. It is typically the first written material someone sees about your business, so it needs to look and sound just right. The specifics of writing a cover letter are provided in Skill Module 8.2, and an example of a cover letter is given in the appendix to the chapter.  

Title Page

The title page typically contains the following information:

          Company name (usually in large type, with a logo if you have one).             Contact information (owner names, company address, telephone and fax numbers, e-mail and

website addresses). Date this version of the plan was completed.             Proprietary statement to protect your ideas: For example, “This document contains confiden-

tial and proprietary information belonging exclusively to [your company’s name goes here]. Do not copy, fax, reproduce, or distribute without permission.” Often on the line following this statement is a copy number unique to each copy of the plan. This helps you keep tabs on individual copies.

There are three other possible items to include on the title page. One might be a securities dis- claimer. If you are using a business plan to seek individual investors, it is important to state the following on the title page: “This is a business plan. It does not imply an offering of securities.” Typically this comes after or as part of the proprietary statement. The disclaimer is needed to com- ply with Securities and Exchange Commission (SEC) rulings. Another item to include is the name of the person who prepared the business plan, if it is someone other than the owner. The third pos- sible item for inclusion is a notice of copyright for the plan or trademark for your brand name or logo, if you choose to pursue those forms of intellectual property protection. You can learn more about those in Chapter 18.

Table of Contents

The table of contents typically puts the major section headings (e.g., executive summary, company, market, etc.) in boldface type and the sections underneath each in regular type. Page numbers are given for every component, including financial statements and appendixes. Remember to put page numbers on every page of the business plan, even the financials.

Executive Summary

Many entrepreneurs write the one- to two-page executive summary first, using it as a guide, and then write the rest of the plan. (We discussed the executive summary earlier in this chapter.)

The Company

The first section of a business plan tells the story of your company. Ideally it should sell the reader on the company and the ideas and people behind it. It usually consists of two subsections—one that provides an overall description of the business and another focusing on its product or service.

Company Description (1–2 pp.)

Typically the first two subsections are the vision statement and mission statement of the business, which were discussed earlier. If you have specific goals or objectives for your business (e.g., “Third year sales of $50,000,” “Picked-up by a major national chain by year 2”), they go in a subsection after the mission statement.

The next subsection is typically labeled “Company Background,” or you can use the name of the business (PROmote Advertising, for example). This section gives a brief description of the business—its age and location, as well as the markets it serves or plans to serve. The firm’s current status (start-up, seed stage, ongoing, expansion, and so on) is covered, and the most recent milestone achieved is often mentioned (received initial investments, finalized product design, tested a proto- type, completed market testing, made first sales, and so on). For an existing business, the history of the business is briefly covered here.

The last part of the company background describes the business’s competitive advantage and the way that it goes about making its profits and achieving its mission—its business model. These are the ideas covered in Chapter 7 on strategy. This is where the plan gets a chance to sell the key ideas about the firm’s approach to business. The language should be upbeat and positive, and where there are numbers that support the operation of the business model, such as a 25 percent profit margin, 98 percent customer satisfaction, or double-digit growth, those should be included.

Product/Service (1–4 pp.)

The goal of this section is to describe your firm’s product or service in order to help the reader understand what you are selling and how it could help your target customers. The best descriptions entice the reader to want to buy the product or service or get involved in the company that sells it. These descriptions often include pictures or graphics that help readers visualize the product or service. It is also common to explain how the customer uses the product or service or how it fulfills some need or desire or solves a problem for the customer. Often the descriptions explain how the firm is able to deliver value benefits to the customer (quality, style, delivery, service, technology, ease, personalization, assurance, place, credit, brand/reputation, belonging, and altruism), as dis- cussed in Chapter 7.25 If the product or service has protection through a proprietary technology or from patent, trademark, or copyright, you mention it here.

Industry (1–4 pp.)

The industry section tells the reader about the other firms producing this product or service—the competition. The goal is to position your firm so that it looks like a potentially solid competitor in an industry with potential. This section describes the industry in overall terms. Two sections later you will have a chance to compare your firm to the competitors’ firms in detail. This is the overview.

Every product or service is part of an industry, and here is where you talk about it. Industry de- scriptions typically include the key information identified in the industry analysis, also discussed in Chapter 7. This includes the industry’s SIC and NAICS codes, the size of the industry (in number of firms and sales), and some indication of the historical trend of growth, stability, or decline (how much it is growing, how long it has remained stable, or by how much sales overall is it declining over time). Industry profit margins are an important part of this section, as is how profits are typi- cally made. Then you point up what your firm’s projected or achieved profit margins are, and how your business model helps make this possible.

The Market

The market section talks about your customers—who they are and what they are like, who else is pursuing them, and how you plan to get or keep your customers. The market section builds on mate- rial you may have developed in the feasibility analysis (see Chapter 4), the industry analysis (see Chapter 7), and the marketing plan (see Chapter 12).

Market and Target Customer (1–3 pp.)

The market refers to the total population of people or firms to whom you plan to sell. Markets are usually described in terms of their size (both in numbers of customers and size of sales) and scope (local, regional, national, international, global). The major ways the market is organized are also covered. Professional, trade, or industry associations, special-interest clubs, major national gatherings, and media dedicated to the market (e.g., Restaurant Business magazine for restaurant owners, or Simple Scrapbooks magazine for people who are into scrapbooks) are all relevant.

The target customer section focuses attention on the individual who would buy your product or service. Target customers are described in terms of demographics (such as age, gender, education, income, experience), their relation to the product or service (will they use it themselves, gift it, re- sell it, etc.), how often they buy (once a day, once a week, twice a month, every three years, once in a lifetime, etc.), their past experience with your kind of product or service (new user, prior user of competitor’s product, prior user of your product), and what they are looking for when buying your product or service. What they are looking for should be based on discussions with potential customers, and it hopefully matches closely with the value benefits your product offers. Providing a comparison of the two is often a good idea.

It is very common to have multiple target audiences. When this is the case, you should provide a separate description of each one. It often helps to give each target group a specific name when you refer to them in the rest of the business plan. For scrapbookers, the target audiences have names like “kiddies,” “moms,” “grandmoms,” “hobbyists,” and “historians.” Since your marketing plan can differ dramatically among the different groups—imagine how to sell to “kiddies” and “historians”—you want to have an easy way to differentiate them.

Competition and Competitive Advantage (1–2 pp.)

Consider doing this section with one page of text and a one-page table. The table identifies the major competitors for your market by name and location. Remember from Chapter 7, the vast majority of businesses are imitative in nature, not new, and rarely disruptively new. If you think you don’t have competition, think again! What do your customers use to achieve your goal now? Find those firms or products and list them here. Other columns mention the competing product or service, its market share, price, competitive strength, and competitive weakness. The accompanying page of text talks about your firm’s competitive advantage—what makes your product or service or firm unique—and how your competitive advantage gives you an opportunity to win sales from these firms. Often this information is based on material gathered from the industry analysis (see Chapter 7). Some people prefer having this section included in the Industry section above. That works, too. The advantage of having it here is that it connects your market description to what you will do to sell your product or service against the competition.

Marketing Strategy (1–3 pp.)

A good marketing strategy section focuses on three ideas: (1) The overall strategy your firm pursues in the market, (2) the sales plan that shows the specific ways you apply strategy to secure sales from your customers, and (3) the longer-term competitive plan that shows how you protect your firm from efforts of the competition to unseat you. Much of the specifics are built from the ideas you develop in the marketing chapters of the book, Chapters 9 through 12.

The overall strategy subsection discusses your generic strategy (differentiation, cost, focus) as well as any supra-strategies (craftsmanship, customization, etc.) or fragmented industry strategies (no-frills, formula facilities, etc.) you pursue. Explain here how each is used in your firm and in your sales efforts.

The sales plan addresses the day-to-day specifics of how sales are achieved. It builds on the value benefits being sought by your customers and shows how these are turned into promotional efforts, pricing and incentive programs, distribution techniques, and location. Most of all, it emphasizes the way you or your employees go about selling. Examples of advertising materials, displays, coupons, or the like are useful and typically mentioned here, but details are put in an appendix. The proof that your approach is working comes from sales made using these approaches, so the strongest sales plans talk positively about the results of pilot tests, preselling efforts, or conventional sales already made. Being able to name customers (especially repeat customers) really builds up this section.

1. According to this chapter, what is the definition of a business plan?

2. According to this chapter, what are the nine major outline headings for a business plan?

3. According to this chapter, what are the eleven most common critical risks that are common in business plans?

4. According to this chapter, what are the four key things that an influential person looks for in your business plan presentation?

5. According to this chapter, what are the seven slides of a classic business plan presentation?

Explanation / Answer

A business plan is an essential document which is carefully designed signed for detail in the characteristics of the firm. This is related to product or service, industry and market. It is related to its operation, production, marketing and management.

It is also concerned with its financial outcomes and there is stress given to the future and present of the firm.

The business plan has different sections. This includes Cover Letter wherein the business plan is introduced and it indicates the reason the recipient is given the plan. It is a written material which talks about the business and the specifics of the cover letter are covered in it.
The next part is the title page which has important part like the company name, Contact information , company address, telephone and fax numbers, e-mail and
website addresses. The version is dated and it contains important proprietary information.

There are important parts like table of Contents with major section headings. This includes executive summary, company, market, etc.

Executive Summary contains important information about the chapter. The information of Company has important two subsections and it has important descriptions of business and it focuses on product and service. The company description has two two subsections with vision statement and mission statement of the business. The next information is the company background. There is important information regarding business’s competitive advantage along with Product/Service. The focus of the section is for describing the product and service of the firm. The next information is the industry.

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