Executive Summary? What's that?

Executive Summary?

What's that?

Well, to tell all of you the truth even us have no clue what is Executive Summary and what it is used for. Sure we foresee ourselves as business owner in the future but we always assume that we just need some capital, a plan on what we want to sell and marketing strategy to go into business. Well, you know what others said about assume right? It is making and ASS out of U and ME.

Lucky for us we join the YES Moneytree Challenge. Not only we have the oppurtunity to start up our own business but we alse learned how to plan, start and manage it with guidance from the expert. At least now we know what is Executive Summary and how to prepare it.

6 questions that needed to be answer in order for us to plan for our business.

1. What is your product and service?
Well, what really you want to provide to your customers? It might be foods and beverages or even child care service. There is no limit what you can do. There might be many available in the market or you can create your own new products.

2. Who is your market?
The question here is who are you targeting as your customers? For us, we wanted to penetrate the youth's market because we ourselves are teenagers. That's why we call ourselves teenybopper. It actually mean teenagers.

3. What is your revenue model?
Revenue is how you want to get income. Diversification is recommended because by focusing on one method of revenue model, you actually have high risk of loss. By having wide variety of revenue model, at least you know that if one fail, others can cover it.

4. Who is behind the company?
The management, the administrator, the finance officer and etc. Those people will be the backbone for your business. They are important for your business.

5. Who is your competition?
Competition are other business that also sell the same product with you. It might be a direct competition where they sell the same product or it can be an indirect competition. Unlike direct competition, indirect competition sell substitute for your product. It provide the same benefits by using different method. Ice cream direct competitors are Baskin Robbins and Haagen Dazs but those who just want something sweet might opt for Secret Recipe instead.

6. What is your competitive advantage?
What make your business different from others? When they think of something, they will be reminded of your business. It is unique and have other value added service. The more competitive advantage, the better it is.

So, what do you think? Is it easy to do Executive Summary? Well, for a newbies like us, our first Executive Summary received ruthless critiques from UV. LOL. Imagine that. Our first try. But then again, Life is not always easy and simple. When you go out, it will be harsher and ruthless than that. Thus we took the criticism with open arm and figure out how to solve it.

Now, the problem started here. All of us were in our hometown. Amira was in Johor Bahru, Dianah was in Kuantan, Athirah in Negeri Sembilan and Puteri in Subang Jaya. How on earth are we going to discuss it?

Thank god for the people who created the internet, Yahoo Messenger and Handphone. Using technology, we did a conference between the 4 of us and discuss until late night. It wasn't easy communicating online because it lack the certain oomph. However, by hook or crook, we want the Executive Summary to be done ASAP. Well, we managed to do that. It was settled after lengthy discussion and few days of late night sleep.

So, we hope you blogder (blogger+reader) manage to understand what is Executive Summary and how to it. Next post will be on our own business plan, our problem deciding what we want to do, juggling college life with YES and much more. Stay tune.