HOW TO DEVELOP A BUSINESS

PLAN FOR START-UP BUSINESS

A Research Report about Our Designated Topic

In partial fulfilment of the requirements
for the course

GEE – TEM: The Entrepreneurial Mind

Submitted to:

DR. ADELINE P. DELA CRUZ

Professor
College of Arts and Sciences

Submitted by:

Group 4
Ms. FEDERIS, ASHLEY T. – Leader
Members:
Mr. ADOLOFO, NICOLE
Ms. BARGAMENTO, CHANTEL RUECILLE
Ms. ROLLAN, RICA

Cebu Technological University

College of Arts & Sciences
April 9, 2024
Introduction
A business plan is an essential document that includes goals, strategies, and
projected financial performance for the company. It presents a clear course for the
future of the company and serves as a road map for every entrepreneur or business
owner. The concept for a composed business plan dates back notably further, even
though it developed alongside modern businesses in the late 18th and early 19th
centuries. There's even an argument that the Sumerians, who are credited with
developing writing systems, recorded livestock and trade timetables on clay tablets.
However, Pierre Samuel du Pont de Nemours is often credited with developing the
modern business plan.

According to the researcher and writer, Adam Hayes, A business plan typically
includes sections like the executive summary, company description, market analysis,
product or services section, marketing and sales strategy, organization and
management structure, and financial projections. It also emphasizes the importance
of a business plan in clarifying the business goals, communicating the vision to
stakeholders, and providing a framework for financial planning.

This report aims to provide a comprehensive guide on how to craft a robust

business plan that will help you achieve your business goals. We will define key terms,
explore the different sections of a business plan, and offer tips for creating a
compelling document that will impress potential investors, secure funding, and drive
business success.

Key Terms
● Business Plan: A formal document outlining a business’s goals,
strategies, and financial projections.
● Executive Summary: Developing a concise overview of the entire
business plan.
● Market Analysis: An assessment of the target market, competitors, and
industry trends.
● Financial Projections: Forecasts of future revenue, expenses, and
profitability.

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Writing an Effective Executive Summary
An Executive Summary replicates the sections found in the business plan. It is
simply a more condensed manner of presenting what is in the plan so that the reader
may have a general idea of what to expect. It provides critical information quickly so
that decision-makers can make informed choices without having to read the entire
plan. Basically, this part is intended for the leaders in a business or organization who
may or may not have enough time to review the entire report.

It is very essential to have a specific guide of what should be included in writing

an executive summary. The following are the Components of an Executive
Summary:
● Mission - this section is where the entrepreneur gives a brief explanation
of their company's goals and their company's mission statement.
● Company History and Management - this section should provide the
reader with a fundamental understanding of the company’s structure and
leadership.
● Products or Services - this section is where the reader is informed about
the nature of the company's product or service. It should describe exactly
what the company does and how it helps a customer with an issue.
● The Market - this crucial section provides an overview of the size of the
market for the good or service. Your business plan will include a thorough
market analysis. In this section, the main conclusions that demonstrate the
business's growth potential due to the existence of customers should be
outlined.
● Competitive Advantages - this section provides a brief summary of the
company’s advantages over other competitors.
● Financial Projections - this is the point at which the company predicts
sales during its initial years of business. The company should have
projections for at least a year specially for a startup business.
● Startup Financing Requirements - It outlines the startup and operating
costs for the company. If you have further predictions, you may consider
looking at two or three years' worth of cost demands, or you may address
this as a first-year requirement.

Other than knowing what should be included in writing the executive summary,
everyone knows that tips play a crucial role in ensuring the quality and reliability of
the content. The following are the tips in writing an effective executive summary for
a startup business plan:
1. Write it after completing the business plan: The Executive Summary should
be written last as it enables you to accurately depict the most important
aspects of the business plan.

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2. Be descriptive and avoid overused phrases: Be descriptive and embrace
the uniqueness of what you offer when writing an executive summary.
Practice the Show, don’t tell and explain how your product benefits your
consumers.
3. Keep it concise: Limit the executive summary to at least 2 pages to ensure
it doesn’t take too long for someone to read what the summary says.
4. Capture the reader’s attention: The summary should capture the reader’s
attention and provide a brief overview of your business that makes them
interested in learning more about it.
5. Summarize the most essential elements: Make the reader want to learn
more about the company and its funding needs by providing a brief
description of each component of the business plan, highlighting important
aspects.
6. Follow the structure of your detailed business plan: The executive summary
should follow nearly the same order as your detailed business plan,
ensuring that the most salient parts and can write a clear and concise
summary is included.
7. Give stakeholders a broad overview: An efficient executive summary allows
stakeholders to understand the main ideas and aspects of the plan without
forcing them to delve into the specifics .

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Company Summary

This section of the paper delves into the best practices to develop a
company summary that includes the core identity, value proposition, and
potential of a business. This is intended to provide insights for entrepreneurs,
business professionals, and anybody looking to effectively communicate their
company's core. Additionally, a well-written company summary is an effective
instrument for communicating its competitive advantages and unique selling
propositions.

The Company Summary differs from Executive Summary in a way that it

offers a synopsis of the complete business that includes information on who it
serves, what it does, and its achievements to date. On the other hand,
Executive Summary offers a high-level overview of each section of the business
plan, including the Company Summary.

Key Elements to be Explored

Throughout this report, we will delve into key elements that contribute to the
effectiveness of a Company Summary, including:

1. What to include in a Company Summary

● Business Name
● Location
● Legal Structure (e.g., Sole Proprietorship, LLC, S Corporation, or
Partnership)
● Management Team
● Mission Statement
● Company History (When it began and major milestones)
● Product and service descriptions, as well as how they fit market needs.
● Target market (who will purchase your product or services)
● Competitive advantage (What makes you unique in the market so you
can succeed)
2. Example of a Company Summary
3. Tips for Writing a Company Summary

By providing this, readers, especially the entrepreneurs will have gained a

deeper understanding of the art and science behind crafting a compelling
company summary. This will also enhance the ability of the individuals and
organizations to effectively communicate their company’s essence, attracting
potential stakeholders.

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Products and Services

This chapter of a business plan includes an outline of what a company sells

and makes the case for why the product or service offering will succeed by
emphasizing the important customer benefits. This portion of the business plan
is often called "What we do" or "Product or Services Overview."

Your product or service, the reasons your market needs it, and how it will
compete with other companies offering comparable or identical goods and
services are all included in the products and services portion of your business
plan.

Key Terms to be explored:

Throughout this report, we will delve into key elements that contribute to the
effectiveness of writing a Products and Services Section in a business plan,
including:

● Products: Tangible, Imperishable, can be returned, homogeneous in

nature, quality can be measured
● Services: Intangible, Perishable, cannot be returned, heterogeneous in
nature, quality is not measurable
● Portfolio: The range of product and/or services that a business offers to
potential and current customers.
● Features and Benefits: This element of the value proposition explains
what the product/service does and how it operates.
● Problem and Solution: A continuation of the value proposition section
that focuses on the problem(s) that the product or service solves. As
every firm must respond to a challenge that its customers experience.
Explain what the issue is and how the product or service addresses it.
● Innovation: If your company provides something fresh and unusual,
explain why innovation is required.
● Propriety Advantages: typically include intellectual property (trade
secrets, copyright, trademarks, and patent filings), exclusive contracts
with suppliers or vendors, exclusive licenses (for a product, service, or
technology, for example), and the company's own R&D initiatives.
● Development Stage: Current stage of development of the product /
service (e.g., idea development, testing, prototype, already on the
market).
● Product life-cycle: This refers to your calculation of how long you think
the good or service will last. Then, indicate if the item or service being
considered is a passing fad or has long-term promise.
● Future: This is where you describe any future intentions to expand into
other markets (serving various industries, geographic areas, and/or

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 consumer types and sizes). Talk about your intentions to modify and
expand the current range of goods and services.
● Limitations: can be defined as a restriction or constraint that controls
the size, extent, or possibility of something.
● Visual Aids: Visual aids can take various forms, such as objects,
images, charts, graphs, and other supplementary evidence that is shown
to an audience

In conclusion, a business plan's products and services section is an

essential part that describes the company's offers, advantages over
competitors, and potential future growth. It also addresses any constraints and
makes use of visual aids to improve comprehension and communication.

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Marketing plan and business model canvas

According to (Magalhães, Guilherme D'orey, Pereira and Cardoso,

2019) “canvas marketing plan is a design thinking tool to help companies build
a marketing plan that allows them to make better decisions. It provides a simple
structure that allows the user to visualize the dynamics and interaction of the
different stages of the marketing plan and adapt the products and services to
the needs of their clients, thus, "finding" the best position in relation to their
competitors.'' With all of that in mind, marketing plans basically assist a
business in innovating business marketing strategies that could aid in lessening
the future threats of the business thus, allowing the business to grow and
flourish over time. Also, with a marketing plan the business would be able to
produce wise and informed choices for the growth of the business.

In the course of time, business marketing plans have evolved in so many

different ways with the same goal in mind which is to make the business better
and flourish in the long run. The oldest method, the most common, basic and
successful marketing strategy which is the push and pull strategy. Based on the
research of (Magalhães et al., 2019) “until the 1930s, there was only one
production perspective, in which the organizations’ objective was to produce
the best product, based on an organization that would allow the lowest cost and
the lowest prices. In the mid-30s, the perspective of the sale was developed, in
which it is not enough to produce a good and at the lowest cost. It has become
necessary to work the sales force and the promotional activities (push strategy),
but it remains to ignore that the market is a set of customers who have needs,
requirements and desires; who share values and cultures; who know, choose,
decide and buy that which gives the best satisfaction for their needs (pull
strategy). With push marketing, you send out targeted promotional material to
consumers, and with pull marketing, you build a brand and let consumers come
to you. Both forms can be effective depending on your goal (conversions vs.
awareness), and both play an important role in successful marketing
campaigns. Post World War II, produce at the lowest cost, to sell at the best
price and to know how to promote a product or service. As such, techniques of
analysis, evaluation and market research began to be developed, giving rise to
the appearance of the market perspective.”

Additionally, by (Magalhães et al., 2019) “only in this decade did

concepts such as “Marketing Mix” by Neil B. (1964), the “Product Life Cycle” by
Dean J. (1950), the “Brand Image” by authors Sidney L. and Ogilvy D (1955),
“Market Segmentation” by Wendell S. (1956), “Marketing Concept” by
McKitterick John (1957), and “Marketing Audit” by Shuchman A. (1959). In the
1960s, marketing came to be seen as the science of behavior. McCarty J.
(1960) introduced the notion of the 4 P’s - Product, Place, Promotion and Price

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In the 1970s, marketing was the science of decision making. Zaltman G. and
Kotler P.”

Based on (Thomas, 2022) “business model canvas is a visual tool that

allows you to pinpoint the key elements of your business and organize your
ideas in order to properly plan your business model and your marketing
strategy. It facilitates good planning and is designed with the objective of
creating value for consumers.” From that statement we can deduce that the
business model canvas is a significant component for the success of a
business. The business plan is a broader method of creating and adapting to
strategic practices that helps the business to flourish especially that it
encompasses the marketing plan and other aspects of the business operations.
One of the most used and known business model canvases was devised in
2011 by business consultant Alexander Osterwalder and management and
information systems professor Yves Pigneur.

The Business Canvas Plan is a summary map of the “nine key blocks” of the
business plan:

1. Identify the customer segments.

2. The products and services that we wish to sell.
3. Identify the distribution channels that we will use to get products and
services to customers, including marketing and distribution strategy.
4. How will the organization relate to the chosen targets?
5. What will be the income model?
6. What are the key features needed to enable you to create “value” for the
target.
7. What are the key activities that will enable you to execute the
organization’s value proposition?
8. Eighth, what are the key partners and strategic alliances that
complement the business model.
9. Finally, in ninth place, we must quantify what is the structure of spending
that the business model translates.

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Operations and staffing procedures and policies

“The most important resource of the organization is its staff and all those
who contribute directly or indirectly to the objectives of the organization. Such
staff may be full or part time and may be permanent or on short-term contracts,”
this is a statement by (Ismail Nor, 2019) on his research about “Staffing Policy
and Procedure.” This statement is highly dedicated to the committed workers
of a business, it is through them that the business grows and flourish and thus,
with that statement we can deduce how important they should be valued. This
tells us how significant it is to utilize the appropriate operations and staffing
procedures and policies in what kind of business, because through displaying
such correct methods, the business would grow and stabilize better.

As stated by (Thornton, 2016) “establishing and implementing policies

and rules allow your operation to run smoothly.” He highlighted from that
statement the need and difference of rule and policy in running a business.
According to (Thornton, 2016) “having a policy on how to deal with a recurring
situation helps simplify day-to-day management; policy is a statement of goals,
purposes, and principles that serves as a guideline for daily business
operations and supports the company's goals and objectives. In contrast to a
policy, a rule leaves no room for interpretation; rule is a standard set forth to
guide behavior and actions; a rule tells employees exactly what they should
and should not do.” He presented an example of how a rule or policy may be
applied in a company to stabilize the enterprise. According to him, a company
that extends credit may boost sales, but it also involves financial obligations.
Credit is a plan for postponing payment for goods and services; it enables a
company or individual to acquire items in return for an assurance that they
would pay for them later. When a customer contacts customer support after
receiving a product supplied by an online platform and expresses
dissatisfaction, they must be given a refund or credit in response to their
situation.

More than that, (Thornton, 2016) also stated, “staffing determines who
carries out the work of your company and how your company is perceived.
Consequently, staffing policies and decisions have a direct bearing on the
success of your company.” With this in mind we are able to understand how
staffing is operated in a business especially that (Thornton, 2016) further
explains this idea by saying, “you make staffing decisions based on how many
and what kinds of employees you need.” This implies the need for a wise
decision, the one who manages the operations and staffing procedure should
understand that the only way they can decide who to hire and who stays in the
company is by how they envision the company’s future.

Pertaining to (Thornton, 2016) making an organization chart with all of

your positions and their relationships on it is the simplest method to start staffing

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your company. This framework ought to facilitate the delegation of
accountability, power, and operations. Also, he provided one example of an
organization used in business which is the line organization, he stated that “in
a line organization, top management makes the decisions that affect the entire
company; middle management implements the decisions; supervisory, or first-
line, management supervises the activities of employees; and employees carry
out the plans made by top and middle management. Line organization is a form
of business organization where managers are responsible for accomplishing
the main objectives of the business and are in the direct chain of command.”
With that detailed explanation we understand better how important it is to strictly
implement an organization in the business. It helps the staff to efficiently do
their job while helping the company as well.

The business or entrepreneurial field has numerous staffing procedures

and policies that they implement depending on what the company needs.
Based on the compilation of policies and procedures by (Staffwiki, 2024), these
are the other sample policies and procedures existing in different enterprises;

•Equal opportunity employment policy

•Recruitment process policy

•Background checks (criminal, references etc.) policy

•Attendance policy

•Confidentiality, data protection and trade secrets policy

•Workplace safety and health policy

•Payroll policy

•Resignation policy

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Financial plan and analysis

According to an article by (SAP Philippines), “financial planning and

analysis (FP&A) is a set of planning, forecasting, budgeting, and analytical
activities that support a company’s major business decisions and overall
financial health. Financial planning and analysis is typically part of a broader
financial management system.” In order for the company to provide a consistent
quality service they should be able to have funds that could secure those and
in order for them to do so, financial planning and analysis should be performed.
They provided excellent explanation, understanding and guidance to correctly
display a good financial planning and analysis for a company.

Pertaining to (SAP Philippines), “the FP&A process is a continuous cycle

of data collection and analysis. As businesses grow and expand into new
markets, and in times of market volatility and rapid change, the process
becomes more complex. More data needs to be collected and more analysis
needs to be done – which is why many large and midsize companies have
formed dedicated FP&A branches within their finance departments. But despite
increasing complexity, at its core the FP&A process includes the same four
basic steps.” This basically means although there are numerous FP&A
executed by different enterprises as the years go by, there are four basic
elements that are always included in a financial planning and analysis. Having
and knowing the four basic elements in the FP&A process is important
especially with the AI overtaking numerous things in business related reports
including the FP&A process.

The Four Basic Steps in the FP&A Process

● Data collection, consolidation, and verification.

● Planning and forecasting

-Predictive planning

-Driver-based planning

-Multi-scenario planning

● Budgeting
● Performance monitoring and analytics

Based on (SAP Philippines), “with a corporate FP&A software, finance

teams can combine financial data, operational data, and external data (like
market trends) in one place. Finance can analyze it all – and uncover the in-
depth insights they need to plan for the future and guide more profitable
decision-making.” This implies that a business with the appropriate and efficient
staffing would be able to carry out the companies’ financial planning and

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analysis easily especially with the little help of modern-day technology. With
financial planning and analysis professionals can be assisted in multiple ways.

FP&A tools can help finance professionals:

● Provide fast and accurate financial analysis and advice to business

leaders.
● Predict the impact of potential decisions on cash flow and profitability.
● Assess and monitor the company’s overall financial health and
investments.
● Build and maintain detailed financial models and forecasts.
● Create agile, integrated financial plans that account for multiple
scenarios.
● Collaborate with departments to prepare and consolidate budgets.
● Align corporate strategy with execution and track performance.
● Identify and assess new revenue opportunities and risk.

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Management Profile

is a section specifically dedicated to introducing the key individuals who will

be leading and managing the business. It serves the purpose of convincing
potential investors or lenders that the team has the necessary skills,
experience, and qualifications to navigate the company towards success.

Here are the key elements typically included in a management profile for a
business plan:

1. Key Personnel:

● Introduce the founders and key executives by name and title.

● Provide a concise overview of each leader's professional background,
highlighting relevant experiences or accomplishments that showcase
their expertise and qualifications.
● If you have a board of directors or advisors, you can briefly introduce
them here as well, emphasizing their industry knowledge and how it
benefits the company.

2. Roles and Responsibilities:

● Clearly outline the roles and responsibilities of each member of the

management team. This transparency ensures everyone understands
who is accountable for specific areas and avoids confusion in decision-
making processes.
● Briefly explain how each team member's role contributes to achieving
the overall company vision. This demonstrates a cohesive leadership
structure.

3. Background and Experience:

● Go beyond simply listing past jobs. Highlight specific achievements,

successful projects, or leadership qualities demonstrated in previous
roles. Quantify accomplishments with numbers whenever possible (e.g.,
"Increased sales by 20% in two years").
● Prioritize experiences directly related to your industry or the specific
challenges your company will face.

4. Education and Qualifications:

● List relevant academic degrees, diplomas, or certifications held by each

team member.
● If key personnel have participated in leadership development programs
or workshops, consider mentioning them here. This demonstrates their
commitment to continuous learning and improvement.

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5. Industry Expertise:

● Showcase your team's in-depth understanding of the industry you're

operating in. Highlight any relevant industry experience, participation in
professional organizations, or awards received.
● Briefly discuss how your team stays ahead of industry trends and how
this expertise translates into a competitive advantage for your company.

6. Track Records:

● Demonstrate the team's ability to deliver results. Provide specific

examples of past achievements in previous ventures or leadership roles.
Quantify successes with numbers whenever possible (e.g., "Launched a
product that achieved $1 million in sales within a year").
● Prioritize achievements that showcase skills and experience directly
applicable to the success of your current business plan.

7. Vision and Leadership:

● Painting the Future: Clearly articulate the management team's vision

for the company's future. What problem are you solving? What impact
do you want to make?
● Leadership Style: Briefly discuss the leadership style of the team. Are
they collaborative, decisive, or data-driven? Explain how this style aligns
with the company's needs and vision.
● Inspiration and Motivation: Showcasing a passionate and inspirational
leadership style can be highly desirable for investors and future
employees.

By effectively addressing each of these elements in the management

profile, we can create a compelling narrative that showcases your team's
capabilities and increases your chances of securing funding and achieving
long-term success.

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Appendices

The appendix section of a business plan functions as a treasure trove of

supplementary information, enriching the core document. It provides a platform
to showcase additional details that support and enhance the information
presented in the main body of the plan. Here's a closer look at the potential
items a business plan appendix might contain:

1. Charts, Graphs & Tables: Financial projections become more impactful

when presented as clear and colorful graphs instead of raw numbers. This
section allows the business plan to showcase market research data, financial
trends, or even the organizational structure through charts, graphs, or tables.
These visuals transform complex information into easily digestible insights for
investors or lenders.

2. Financial Statements & Projections: This is where the nitty-gritty financial

details reside. The appendix can include detailed documents like balance
sheets (detailing assets & liabilities), income statements (showcasing revenue
& expenses), and cash flow statements (illustrating cash inflows & outflows).
Additionally, financial projections forecast future financial performance,
highlighting the company's potential for profitability and growth.

3. Sales & Marketing Materials: This section showcases the strategies! Here,
the business plan can include samples of advertisements, brochures, or market
research reports. Marketing plans outlining customer acquisition and retention
strategies demonstrate the company's understanding of its target market and
competitive edge.

4. Executive Team Resumes: This section allows the business plan to

highlight the "A-Team" leading the company. It can include resumes or
biographies of key members like founders, executives, and key personnel.
These documents showcase their relevant experience, skills, and
qualifications, building confidence in their ability to navigate challenges and
lead the company towards success.

5. Credit History: This section is particularly relevant if the business is seeking

loans. It can include documents like credit reports or loan applications that
demonstrate the business's credit history and ability to manage debt
responsibly. This builds trust with lenders and increases the chances of
securing funding.

6. Business & Personal Tax Returns: Tax returns for the business and its
owners provide a window into the company's financial health. Including copies
demonstrates transparency and helps validate the accuracy of financial
projections and statements presented elsewhere in the plan.

7. Agreements & Contracts: This section houses copies of legal agreements

or contracts with clients, suppliers, partners, or other stakeholders. These
documents showcase the business's relationships, obligations, and
commitments, ensuring clarity and transparency for potential investors or
partners.

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8. Intellectual Property Protection:

Owning unique ideas or processes gives the business an edge. The appendix
can include copies of licenses, permits, patents, trademarks, or other
documents that protect its intellectual property rights. This establishes the
company's legal authority to operate and increases its value.

9. Product Showcase: This section allows the business plan to showcase its
products or services visually. Here, it can include illustrations, product
packaging samples, or even prototypes. These tangible representations help
investors or stakeholders understand the value proposition and market appeal
of the company's offerings.

10. Building Permits & Equipment Leases: Before launching operations, the
business might need physical resources like buildings or equipment. The
appendix can include copies of permits, leases, or other documents related to
acquiring or using these assets. This demonstrates the company's readiness to
commence operations and its ability to secure resources for production or
service delivery.

11. Contacting Your Support Network

Building a strong support network of professionals like accountants, lawyers, or

advisors can be a huge advantage. The appendix can include contact details
for these professionals, allowing investors or stakeholders to verify their
expertise and credibility. This fosters trust and confidence in the team
supporting the business.

By including these elements in the appendix, the business plan becomes a

comprehensive and informative document that strengthens its case and
positions the company for success. Remember, the appendix is an extension
of the core plan, so ensure all included documents are relevant and enhance
the overall message.

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Summary, Conclusions, and Recommendations

In summary, this guide offers a comprehensive approach to crafting a

business plan. It breaks down each essential section, providing valuable advice
on writing compelling content for every part. From the initial executive summary
to the financial projections, the guide ensures a well-rounded picture of the
business is presented.

A key takeaway is the emphasis placed on the Management Profile

section. The guide highlights its importance in convincing investors of the
team's capability. Including details about the key personnel's qualifications,
past achievements, and industry knowledge is recommended to build trust and
confidence.

Overall, the guide empowers entrepreneurs and business owners to

develop a business plan that is both informative and persuasive. By following
the outlined recommendations and tailoring the plan to the specific venture, the
chances of securing funding and achieving long-term success are significantly
increased.

Therefore, this guide is highly recommended for anyone embarking on a

business venture. Regardless of experience level, this resource equips readers
with the tools and strategies to craft a business plan that effectively
communicates their vision and secures the resources needed to turn it into
reality.

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Review Questions
This part of the report consists of Objective and Opinionated Questions
to assess the audience’s understanding about the topic.

Objective Questions
1. What section of a business plan introduces the key leaders and
convinces investors that an individual possesses the expertise to guide
the company to success?
2. What section of a business plan is intended for the leaders in a business
or organization who may or may not have enough time to review the
entire report?
3. What section of the paper delves into the best practices to develop a
company summary that includes the core identity, value proposition, and
potential of a business.
4. What portion of the business plan is called "What we do"?
5. What is an essential document that includes goals, strategies, and
projected financial performance for the company?
6. What section of a business plan highlights a set of planning, forecasting,
budgeting, and analytical activities that support a company’s major
business decisions and overall financial health?
7. What section of a plan that is responsible to make the business better
and flourish in the long run?

Opinionated Questions
1. Why is a business plan considered a roadmap to success for
entrepreneurs?
2. Why do we need to summarize the entire business plan into 1-2 pages?
3. How does the Company Summary differ from the Executive Summary?
4. How does having an innovative product and service attract customers?
5. Do we really need a “road map” to navigate our paths to success when
we start business?
6. Why do we need sufficient funds to support or start a business?
7. How does an entrepreneur market their product in a modern way?

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Answer Key

1. Management Profile

2. Executive Summary

3. Company Summary

4. Product or Services

5. Business Plan

6. Financial Plan and Analysis

7. Marketing Plan

19
References:

● A. (2020, October 5). Product and Service Description in a Business

Plan: Complete Guide | Company Plan. Company Plan.
https://www.companyplan.com/product-description-business-plan
● Duermyer, R. (2022, October 14). How To Write the Company Summary
in a Business Plan. The Balance.
https://www.thebalancemoney.com/business-plan-179422
● Hayes, A. (2024, January 25). Business Plan: What It Is, What's
Included, and How to Write One. Investopedia.
https://www.investopedia.com/terms/b/business-plan.asp
● Leonard, K. (2022, October 17). Business Plan Executive Summary
Example & Template. Forbes Advisor.
https://www.forbes.com/advisor/business/business-plan-executive-
summary
● Lavinsky, D. (2024, January 31). How to write the management Team
section of a business Plan + Examples. Growthink.
https://www.growthink.com/businessplan/help-center/business-plan-
writing-presenting-management-team
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