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Also, phrase it in a way that reminds investors of the business opportunity.
Whether you’re improving on an existing idea or providing something totally new, you need to prove that your business will have a standing in the market. And investors will be interested to know who’s going to make up your management team.
Be sure to answer the following questions in this section of the executive summary: We’ll go into more detail on putting together your management team later in this course.
When it comes to the length of an executive summary, remember, it's a summary.
It can be as short as one page and shouldn't be longer than 5-10 percent of the main document.
As such, if your business idea is fun, unique, and geared toward a younger customer base, the tone of your executive summary can carry a more casual – but still professional – tone than if your business idea was geared toward law professionals.
A good tip to keep in mind is that your executive summary should match the tone of the company culture you want to create and market you want to capture.
Once you have clearly (and briefly) identified the problem, then it's up to you to prove that your business idea is going to solve it; your business idea has an opportunity to provide value.
Outline how your business will have a competitive edge, how there is a market for your service or product, and how this could be a missed opportunity if not executed.
The executive summary is the first thing someone will read when they start making their way through your business plan, and that makes it vitally important.
Just like a great movie trailer excites you about seeing a film, or a book jacket blurb entices you to pick up a novel, the executive summary needs to engage your readers and spark their interest, making them want to continue reading more about your business.