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The business description includes two sections with both required and optional content.
In the United States, the Fed Stats Web site provides access to statistical data from over 100 Federal agencies including (of interest to business plan writers) the International Trade Administration (e.g., U. Industry and Trade Outlook), the Small Business Administration, Bureau of Economic Analysis, Bureau of the Census (e.g., Statistical Abstract of the United States), and the Bureau of Labor Statistics.
Few, if any, countries do a better job at collecting and publishing industrial data than the United States.
Previous lessons in this tutorial have provided background information and emphasized preparation to write the e-business plan.
The business description section of your e-business plan represents the first substantial section you have to write.
This lesson gives you an overview of the business description section with links to additional lessons that assist you in writing your mission statement, goals, and objectives, as well as how to identify and describe your business model.
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The lesson outline is: What Is the Business Description?In analyzing your company's industry, be honest and don't exaggerate.Nothing will turn a potential investor away faster than opening claims that are not credible or an industry analysis that is off target.Trade and industry journals publish articles that include quantitative data, trend analysis, and influential environmental factors that are affecting their respective industry sectors.These resources are available in most university libraries.Highly aggregated data (e.g., worldwide retail sales) may not say much about your business (e.g., country-based gift sales) and even less about your niche market (e.g., country-based expensive gift sales).Finally, the data you really need may be unavailable because it is held by private companies or is very expensive to acquire from consulting companies such as Mc Kinsey and the Gartner Group.For example, if the industry is new and unfamiliar to the reader, if the business intends to be a major player in the industry and perhaps in a business case (see Business Case Box 2).However, in most e-business plans, the industry analysis does not have to be very extensive.Alternatively, this is an opportunity to write a "company analysis" that has the same purpose as an industry analysis, but with the focus on the company.Again, the readers will be extremely well informed so everything has to be relatively new and extremely applicable to the proposed venture.