Early life[ edit ] Michael Porter's father was a civil engineer and Georgia Tech graduate who had gone on to a career as an army officer.
While it can be tough to fit on one or two pages, a good Summary includes: The Executive Summary is often the make-or-break section of your business plan. So think of it as a snapshot of your business plan. Since a business plan should above all help you start and grow your business, your Executive Summary should first and foremost help you do the following.
Refine and tighten your concept. Think of it as a written "elevator pitch" with more detail, of course. Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.
As you develop your Summary you will naturally focus on the issues that contribute most to potential success. If your concept is too fuzzy, too broad, or too complicated, go back and start again.
Most great businesses can be described in several sentences, not several pages. Your business plan walks the reader through your plan. What ranks high in terms of importance?
Acquiring the right location? Your Summary can serve as a guide to writing the rest of your plan. Make the rest of the process easy. Once your Summary is complete, you can use it as an outline for the rest of your plan. Simply flesh out the highlights with more detail.
Then work to accomplish your secondary objective by focusing on your readers. Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well.
Work hard to set the stage for the rest of the plan. Let your excitement for your idea and your business shine through. In short, make readers want to turn the page and keep reading. Just make sure your sizzle meets your steak by providing clear, factual descriptions.
The following is how an Executive Summary for a bicycle rental store might read. Introduction Blue Mountain Cycle Rentals will offer road and mountain bike rentals in a strategic location directly adjacent to an entrance to the George Washington National Forest.
Our primary strategy is to develop Blue Mountain Cycle Rentals as the most convenient and cost-effective rental alternative for the thousands of visitors who flock to the area each year. Once underway we will expand our scope and take advantage of high-margin new equipment sales and leverage our existing labor force to sell and service those products.
Company and Management Blue Mountain Cycle Rentals will be located at Mountain Drive, a location providing extremely high visibility as well as direct entry and exit from a primary national park access road.
The owner of the company, Marty Cycle, has over twenty years experience in the bicycle business, having served as a product manager for ACME Cycles as well as the general manager of Epic Cycling.
Because of his extensive industry contacts, initial equipment inventory will be purchased at significant discounts from OEM suppliers as well by sourcing excess inventory from shops around the country.
Due to the somewhat seasonal nature of the business, part-time employees will be hired to handle spikes in demand. Those employees will be attracted through competitive wages as well as discounts products and services.
Market Opportunitiespeople visited the George Washington National Forest during the last twelve months. While the outdoor tourism industry as a whole is flat, the park expects its number of visitors to grow over the next few years.
The economic outlook indicates fewer VA, WV, NC, and MD cycling enthusiasts will travel outside the region The park has added a camping and lodging facilities that should attract an increased number of visitors The park has opened up additional areas for trail exploration and construction, ensuring a greater number of single-track options and therefore a greater number of visitors The market potential inherent in those visitors is substantial.
Competitive Advantages The cycling shops located in Harrisonburg, VA, are direct and established competitor. Our two primary competitive advantages will be location and lower costs.
Our location is also a key disadvantage where non-park rentals are concerned. We will overcome that issue by establishing a satellite location in Harrisonburg for enthusiasts who wish to rent bicycles to use in town or on other local trails.
We will also use online tools to better engage customers, allowing them to reserve and pay online as well as create individual profiles regarding sizes, preferences, and special needs. Financial Projections Blue Mountain Cycle Rentals expects to earn a modest profit by year two based on projected sales.Research & writing for assignments.
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65 Successful Harvard Business School Application Essays, Second Edition: With Analysis by the Staff of The Harbus, the Harvard Business School Newspaper Second Edition. Table of Contents Sample Chapter Table of Contents Start Here Thinner, Bigger, Faster, Stronger? How to Use This Book Fundamentals - First and Foremost The Minimum Effective Dose: From Microwaves to Fat-loss Rules That Change the Rules: Everything Popular Is Wrong Ground Zero-Getting Started and Swaraj The Harajuku Moment: The Decision to Become a Complete.
Elements of a Business Plan There are seven major sections of a business plan, and each one is a complex document. Read this selection from our business plan tutorial to fully understand these. A business plan is a formal document detailing the goals that the business will have. Sign-In.
My Account Contents of a Business Plan. The Harvard Business Reviews defines "Threats" as "possible events or forces outside of your control that your company or unit needs to plan for or decide how to mitigate.".