You need to describe your entire business proposal. Do not be confused. The task is looking for more than a simple re-hash of your product or service write-up that you may have proposed in an earlier class. rather, it is looking for a broader description of an entire business proposal, including the apparent market opportunity and how your company plans to meet it, the specifics on the product or service you will provide, and the status and legal standing of your intended company. Include the following:

2.0 description of the business venture

2.1 description of the market opportunity

2.2 How the proposed business meets the market opportunity

2.3 history and current state of the business

2.4 legal status and ownership of the business company description (an introductory paragraph to the numbered sub sections) the company description should start with a brief introduction that provides an overview of the company and reminds the reader of the reason it is starting there are two major points to be mindful of as you start writing this section:

o a business plan is a story about an opportunity and how a business will take advantage of the opportunity o you must establish credibility by using facts and providing proof of research

2.1 company history: the market opportunity this section should explain where the idea for the company came from if the company has been in existence for a while, provide a brief timeline in narrative form and talk about its major achievements you should also talk about the history of revenues, net income, and sales growth

2.2 products/services: how the proposed business meets the opportunity the products/services section should explain your product or service, including a description of how it is unique and how you plan to position it in the marketplace discuss how your company differs from others in terms of the products it offers, its location, and its price range identify who your clientele will be and why they would patronize your business instead of others this is the ideal place to report results of your feasibility analysis explain any proprietary aspects to your product or service or explain how you will create barriers to entry if you fail to candidly address difficult issues, such as creating barriers to entry, you will lose credibility

2.3 current status of the business opportunity this section reveals what major milestones in development your company has already reached – this same material will be discussed in greater detail in subsequent chapters. Just a brief overview is needed here. Be sure that your future chapters are consistent with the status reported here. three issues are particularly important to address: o the current composition of your management team if you are an early-stage venture, you should mention future staffing plans o early customer reaction to your product or service summarize any results of feasibility analyses and indicate how close your product is to being market-ready o the financial status of your company how has the company been funded? Do you have any debt, or have you surrendered company equity? Reminder of how much funding you are seeking and for what purpose

2.4 legal status and ownership this section should indicate who owns the business and how ownership is split up describe the founders’ agreement, outlining how ownership is to be shared among founders, if one has been established if you have multiple founders and no founders’ agreement, indicate that this step is pending to maintain credibility with your readers indicate your current form of business ownership o you are a sole proprietorship or general partnership if you have not yet incorporated or created any other type of business entity o better options for the long term include a subchapter s corporation, a c corporation, or a limited liability company (llc)