Business Description: After the executive summary, you need to write a short description of the business you are going into. You need to give a general description of the industry your business belongs to. You will write about your company's mission statement, goals and objectives, business philosophy, as well as its legal form of ownership (sole proprietor, corporation, LLC, etc.). Describe your most important company strengths and core competencies. What factors will make the company succeed? What do you think your major competitive strengths will be? What background, experience, skills, and strengths do you personally bring to this new venture?
At this point, you may be tempted to skip writing a business plan altogether, viewing it as an unnecessary exercise in jumping_through_the_hoops, suggested by some old business professor who probably never held down a "real" job anyway. Maybe it's okay as an assignment for an MBA class, but it would be just too confining and irrelevant for today's fast_paced business environment. Anyway, you're ready! You've thought about this business venture for a long time and talked it over with friends and everybody agrees it's a great idea. Best to strike while the iron is hot!