II. The Industry, The
Company, Its Vision, and Its Products
The purpose of this section is to assist you in describing your business venture in a detailed but concise manner. You must clearly present the nature of the industry, the business you are in, the vision for the company, and the product you will offer.
A. The Industry
Present a brief description of the background of the industry, the current status and the outlook for the future in which the business will operate. Discuss new products and developments, new markets and customers, and any other new trends that could affect the business. Identify all sources of information used to describe these trends.
B. The Company and Its Vision
Briefly describe the business area your company is in, or intends to enter, and your company’s overall mission; also known as the mission statement. This section should discuss your general business goals and objectives. Goals address the question of “Why am I in business?” and objectives are the specific targets aimed at obtaining those goals.
Next, briefly describe what makes your business unique, including any factors that will distinguish your company from others in the same industry. This section should also discuss the ownership and legal form of the company. Consult an attorney for the form (such as sole proprietorship, partnership, corporation, or LLC) that is best for your business.
C. The Products or Services
1. Description: Describe in detail the products or services to be sold including all features. This section should also describe how customers will use your product or service, as well as what benefit it will provide or need it will fulfill. Emphasize any unique features of your product or service and highlight differences between what is currently on the market and what you will offer. Define the current state of development of the product or service; include a photograph if applicable.
If you will be manufacturing a product, describe the production process, raw materials required, and the amount of time required to manufacture the product. You should also describe the plant layout and how the overall manufacturing process will flow from raw materials to finished product.
2. Proprietary Position: Describe patents, trade secrets, or other proprietary features. Discuss any advantage that you might have that would enable you to achieve a favorable position in your industry.