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An executive summary is a brief introduction to your business plan. If you can, write a single page. If you have to, extend it to two pages.
In many cases this section is the only part of your business plan which is actually read by those who matter. So while it needs to be brief and straight to the point, it also needs to sum up your idea and key information.
The tone of the executive summary really depends on who’s reading it. You can be humorus if that is relevant to your product or team and you know the reader will appreciate it. If, however, you are writing for your bank or an unknown investor, you might want to stay more serious and focus on the things they will be looking for, namely numbers.
Remember, this is your single page elevator pitch. Clearly describe the product, the market, the uniqueness of the offering, etc. Make sure it is in the same order as in the actual plan though (you are basically just summarizing the actual plan).
Don’t throw in too much jargon and don’t rush this part. Actually, it should be the last thing you do before submitting. And since it’s often the only part read, make sure to check for errors (spelling, grammar, numbers etc.).
If you’re not sure if it’s good or not, just ask your parents or friends (preferably those who don’t know much about the topic) if they grasp the concept and think it would be something that makes sense to invest in.
Describe your product or service here. Only explain what it is and how it functions and leave out who it's for, what it will cost etc. Those issues will be tackled later. Be as specific as you need to be to explain the product/service so the reader will comprehend the concept BUT try to be as brief as possible as nobody wants to read many pages of long text. If you can't describe the idea in 1-2 pages, you really need to work on your elevator pitch.
Also, remember for whom this plan is written. If it is for someone who knows a great deal about the industry, there is no need to explain what he/she might already know. However, if it is written for someone who knows little about the concept, then you might need to be a little more descriptive. The old "write for the reader" applies here as everywhere.
This section can also be named "Management team" or whatever you feel is more appropriate. This can be an extremely important section - especially if you are writing for investors. In many cases, what the group has (collectively or individually) achieved prior to this project, is just as important to an investor as the idea itself. Sometimes a B idea with an A team is more interesting than an A idea with a B team.
Provide a brief bio about each of the founders/team members. Include everything that might be of interest for the reader; previous ventures or work, education or experience, knowledge or general info. Remember that you are selling the team just as much as the idea. These are the people who will implement your concept.