Aside from an enticing new product or one of a kind service, these are not the only ways to attract investors or business partners to your company or brand. They need to go through a so called startup executive summary to find out if your company is worth investing for or simply if the company has the sufficient will power to take on the market and its competitors. To learn more about a startup executive summary, do continue reading our article and if you need any ready made samples, check out our free startup executive summary samples below:
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What Is a Startup Executive Summary?
Aside from attracting investors to your company, a startup executive summary serves as guidelines for any start up business to help you build a solid foundation for your business. As the word summary is defined, the contents would consists of the outline of the main components of a business plan for a business, in this case, your startup. Creating your startup executive summary is a good way in understanding the strengths and weaknesses of your company, and point out your selling points. As they say, dare to be different–you can emphasize this in your executive summary.
How to Write a Startup Executive Summary?
The exact content of each executive summary may differ depending on a company’s line of business. But overall the aspect of its contents are more or less the same. Although you want your executive summary to be engaging and comprehensive, it must still be quick and easy to read. These documents average one to four pages ideally, under two pages and should be less than ten percent of your total business plan. So now let us focus on the basic contents of your startup executive summary:
I. Define The Problem
Defining the problem would start with the needs and wants of your target market and customers. Startups business must address this concerns, and describe the need or problem that your startup wants to solve or is already solving. You can add by showing a graph to pinpoint the contrast of the problem and the size of your market.
II. Propose A Solution
When there’s a problem, there should always be a solution. So based on the problem you have presented, propose and explain how your product or service can help solve that problem. You don’t need to dwell too much on the specifics as this is only a executive summary and there are other documents in which you can explain further about your product or service. Provide a very broad overview, and quantify the difference you can make wherever possible.
III. Understanding the Market
Ensure that you a full understanding of your target market and how your product or service would serve them better. Present the facts of who exactly your target market is and how large it is.
IV. Financial Outlook
Disclose information about financial standing such as what kind of funding you’re seeking, and what you plan to do with it. Points you should consider are your current financial situation, how much money are you suppose to raise and lastly, your future financial outlook–what you plan to do with the money. As I said no need to go on full detail, just the important points to consider.
V. Competitive Analysis
Differentiate your company from your competitors, define your competitive advantages against them. What makes your company uniquely positioned in contrast with your competitors. Make sure you have done your competitive analysis and your exceptional selling point. Focus on the positives, including what your company offers, as opposed to the negatives, like the shortcomings of your rivals.
VI. Business Model
Present your business model, which is a company’s plan for making a profit. It is a mission statement that specifically describes how a company or business will serve its customers. Extract this in brief sentences including details such as revenue model, how your business can grow overtime, a brief timeline and value proposition.
VII. Management
A startup’s management team plays a crucial part in determining how well the business succeeds. Indicate the roles of your team members to show everyone that you have a ready team to help propel the business into success.
FAQs
What Is a Startup?
A startup is a company that is in its initial stage of the business process. It is formed in order to nurture or develop a particular product or service.
Is an Executive Summary the Same as an Introduction?
An executive summary is a report that consists of the summary or overview of the business plan. And mostly it highlights each section of what a reader would expect to read in the whole content of a business plan. While an introduction is just a explanation what the document is about and why you have written it.
What Are Business Plans Used For?
Business plans are use to attract potential investors and would serve as a road map to help companies move forward with their business.
Writing a startup executive summary can seemingly feel like a daunting process. It is a document that must catch the eye of your potential investors and also an important step towards the development of your startup. So spend some time drafting your summary, organize your ideas and show your enthusiasm and professionalism then brainstorm with your team members so can successfully compose a highly effective startup executive summary.
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