How To Write A Business Plan Abstract for the I4IE Business Plan Competition at SOURCE
Abstracts are more important than ever. The purpose of the business plan abstract is to provide your readers with an overview of the business plan. This is an introduction to your proposed business.
Abstracts in general summarize the essence of a longer document or project. They give you a snapshot of what's inside. A well-written abstract teases the reader to explore further. In the case of a business plan abstract, it is best to relate this to an executive summary.
Before starting the abstract, read over the competition’s judging criteria for the abstract. Apply this criteria while concisely describing your proposed business.
Write for a general audience. This is important because you never know who will read your abstract.
Choose acronyms, abbreviations, and technical terms carefully as they may confuse many readers. Remove all superfluous information – be concise. Spell check and grammar check your abstract. Make sure to ask your mentor for help.
Searching the internet for additional help on “writing a business plan abstract” or “writing a business plan executive summary” will provide many additional resources.
Example of a previous business plan abstract from SOURCE 2011:
PB&K Event Planning will be the first company to provide event planning to businesses and individuals of Issaquah, Washington. PB&K will emphasize “eco-friendliness.” From recycling to using sustainable materials, we will value the importance of being eco-friendly as will our clients. PB&K will offer private corporate events, anniversaries, graduation parties and offers fair-trade cooking classes hosted by local celebrity chefs. PB&K will specialize in themed socials, such as organic wine tasting with food pairings, frozen-yogurt social cook-offs, and even psychic readings. Personalized services will suit the needs of the consumer to help them plan their events in an efficient, cost-effective, and eco-friendly way. A competitor analysis shows, there are no other businesses in the state that offer eco-friendly services and culinary cooking classes as part of their services. The greater Seattle area has roughly 8-10 event planning companies, but 70% are focused mostly on weddings. The Issaquah market has very high to medium income and has many stay-at-home moms, busy business dads, and career-savvy people that don’t have time to plan. Additionally, a high amount of disposable income is found primarily in the Eastern King County. Once PB&K has taken off, the maximum number of events will be five per week with an expected $11,500 average per month of profit. By offering the best socials around the Pacific Northwest, PB&K’s mission will be to provide upscale, personalized, and affordable planning while continuing to be eco-friendly along the way.