The 5-page executive summary is a preliminary overview of the business plan you will develop over the next few months. The purpose of this is to start the process of formulating ideas that will be tested as you develop your business.
The executive summary with market/industry analysis will be submitted electronically as one document:
Cover sheet (optional)
Illustration or logo
Tag line or motto
Info page (required)
Business or team name
First and Last Name of all team members
Email address for all team members
Daytime phone number of all team members
First and Last Name of assigned coach, if applicable
Executive Summary (5 pages): the outline for this document is detailed below.
This component of the Great Lakes Entrepreneur's Quest is designed to introduce the business concept in an organized and concise manner that can be reviewed, discussed, and elaborated through the business planning process. This is about creating an enticing executive summary to encourage further evaluation of an idea, innovation, or business concept to ultimately determine if it is feasible, profitable, and/or fundable through investors. There are no "right" or "wrong" answers at this time.
The Executive Summary is designed to pique the reader's interest and make him or her want to review the business plan. The plan should be no longer than five(5) pages. The elements of the GLEQ Executive Summary are:
Concept Summary (1-2 paragraphs)
Market/Industry Analysis (up to 2 pages)
Identify the specific market segment addressed by the product/service and its approximate size.
Outline trends in the industry including growth and key purchasing factors and other special factors impacting the industry (government regulation, patents, etc.)
Recognize critical factors impacting the industry such as government regulations, approvals or licensing requirements.
Product/Service Description (combined with items 4 & 5, less than two pages)
Outline the product/service
Identify what the customer will gain from the solution
Contrast solution with existing products/services
Revenue/Business Model (combined with items 3 & 5, less than two pages)
Describe the method for generating revenues
Describe potential customers (target market) in general terms (one should use either consumers or businesses initially - not both, the other group can be added at a later date)
Consumers: Age, ethnicity, marital status, children, education, geographic area, income, home-ownership, hobbies, etc.
Business: Number of employees, annual sales, industry, technology applications, import/export, geographic area, special department etc.
Identify other potential opportunities for generating revenue
Describe initial growth in revenues
Competition (combined with items 3 & 4, less than two pages)
Identify competitors including revenue size or market share if possible.
Contrast solution with existing products/services offered by competitors
Describe market acceptance or key advantages for competitors
Management Team (combined with item 7, less than one page)
Describe existing management, including brief description of relevant experience
Recognize additional management needs to be filled
Financials (combined with item 6, less than one page)
Preliminary financial needs
For what period
Use of proceeds
Preliminary financial model including revenue projections, estimated operating costs and anticipated profitability over first 3 to 5 years.
Outline exit strategy and estimated time frame to reach exit opportunities