Business & Product or Service Descriptions
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Start your business plan with these three basic descriptions:
1. Executive Summary
- Your business’s focus, its mission, the products or services offered, the ownership, and a summary of your plans.
2. Company Description
- The company name, location, key people, history, and nature of the business.
- Goals and how you will achieve them.
- Funds needed and how you will use them.
3. Product or Service Description
- What the product or service is and how it works.
- The value proposition, which is the reason someone will want to do business with you, including . . .
- The customer’s need or problem.
- The benefits of your product or service.
- How the benefits solve the customer’s need or problem.
- Why your solution is the best.
References
Conrad M, Chan V, Miller L. Writing Business Plans for a Life Science Startup or Clinical Program. Academic Entrepreneurship for Medical and Health Scientists. September 27, 2019;1(2 Finance):Article 2.
Excedr. How to Write a Business Plan for Your Biotech Startup. Excedr. February 7, 2022.
Tips
Make your business plan concise and clear for the audience reviewing it.
Show why you care about your product or service and why others should too.
Read More
Writing a Business Plan
Challenge:
Sarah Johnson, PhD is starting a company to produce antiviral peptibodies and described her company and product in her Story above (Please review before answering this challenge). She wants to understand how close she is to interesting potential investors in her company. Please help her by evaluating whether her planned business, ViroPep, appears to meet the following investment criteria. Make your choice and compare your answer to the average rating by (fictional) investors, then click next to proceed.
