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They won't understand it at all.
1. The Executive Summary is crucial. Without a doubt, the single most important portion of any business plan is the Executive Summary. *If you can't prepare a clear, concise, and compelling condensation of your business plan right up front1, no one will spend time wading through the rest of your plan. No matter how beneficial a product, how lucrative a market, or how innovative the manufacturing techniques, it is the Executive Summary alone that persuades a reader to spend the time to find out about your product, market, and techniques.
2. Although the Executive Summary appears first in the completed document, it reflects the results of all business planning and should be crafted only after careful consideration of all other aspects of a business. Some venture capitalists prefer to receive just a Summary and Financials before reviewing an entire plan. If you want to send out only a “concept paper” to gauge investor interest *before submitting a complete business plan2, the Executive Summary should serve as that document. As important as the financial considerations are to investors and bankers, *it is the Executive Summary that first convinces them that yours is a well conceived and potentially successful business strategy3.
3. Even if the business plan is for internal use only, the Executive Summary is still crucial. The Summary is the place where one brings all thoughts and planning together, where a whole is made out of the disparate parts of a business, and where all that one proposes “is summed up”.
4. Depending on the nature of a business and the capability of the writer, the Executive Summary can be approached in one of two ways: the synopsis Summary or the narrative Summary.
5. The synopsis Summary is the more straightforward of the two: it simply relates, in abbreviated fashion, the conclusions of each section of the completed business plan. Its advantage is that it is relatively easy to prepare and less dependent on a talented writer. The only disadvantage is that the tone of a synopsis Summary tends to be rather dry.
6.The synopsis-style Executive Summary covers all aspects of the business plan and treats each of them relatively equally, although briefly. In addition, it tells the reader what is being asked for in the way of financing, which is also stated in the cover letter.
7. The narrative Summary is more like telling the reader a story; it can
convey greater drama and excitement in presenting a business. However, it takes a capable writer to prepare a narrative Summary that communicates the necessary information, engenders enthusiasm, and yet does not cross over the line into hyperbole. A narrative Executive Summary is useful for businesses that break new grounds, either with a new product, new market, or new operational techniques, which require considerable explanation. It is also more appropriate for businesses that have one dominant element – such as holding an important patent or the participation of a well-known entrepreneur – that can be highlighted. Finally, the narrative Executive Summary works well for companies with interesting or impressive backgrounds or histories. A narrative style Executive Summary has fewer sections than the synopsis Summary. Greater emphasis is placed on the business concept and distinctive features, and less attention is given to operational details.
8. A narrative Summary may do more “scene-setting” – recounting the sociological or technological changes that have led to the development of company’s products or services. It may be more personal, telling how the founder’s relevant experiences motivated them to start the company.
9. The topics of a narrative Summary may be placed in any order that best showcases the company. The topics do not have to be covered equally; the business concept may be described in three paragraphs and the management team in only one or two sentences.
10. With a narrative Summary, you want to get the reader excited about your company; you do this by taking the one or two most impressive features of your company and giving the reader an understanding of how those features will lead to business success.
11. Do not feel it is necessary, however, to use a narrative Summary. Most businesses are well served by a synopsis Summary, especially if the business concept is easily understood and the marketing and operations relatively standard. A synopsis is a very businesslike approach, and experienced business plan readers are comfortable reviewing such straightforward Executive Summaries.
12. Length and design of the Summary. The great advantage to the reader of the Executive Summary is that it is short. A busy funder must be able to read your Summary in five minutes or less. Thus, an Executive Summary should be no more than two to three pages in length. A one-page Summary is perfectly acceptable. Remember to use white space to make the page less intimidating. Bullet points can also be used effectively in the Summary. Since you are limited to so few pages it may seem frustrating to have to give up space for visual considerations, but these techniques make your plan more inviting to the reader.
2. Explanations to the text
1. If you can’t prepare a clear, concise, and compelling condensation of your business right up front... – Ecли вы нe мoжeтe пoдгoтoвить чeткoe, пpикoвывaющee внимaниe кpaткoe излoжeниe вaшeгo дeлa в caмoм нaчaлe...
__________________________________________________________________________Lesson 14. THE EXECUTIVE SUMMARY
2... before submitting a complete business plan... – пepeд пpeдcтaвлeниeм нa
paccмoтpeниe вceгo дeлoвoгo плaнa...
3... it is the Executive Summary that first convinces them that yours is a well-conceived and potentially successful business strategy – имeннo peзюмe пepвым yбeдит иx, чтo вaшa дeлoвaя cтpaтeгия xopoшo зaдyмaнa и пoтeнциaльнo ycпeшнa.
4... gives the reader a chance to understand the basic concept and highlights of your business quickly – дacт читaтeлю вoзмoжнocть быcтpo пoнять ocнoвнyю идeю и преимущества вaшeгo дeлa.
3. Key vocabulary / expressions
break new grounds – осваивать новые области
compel – v заставлять, принуждать; compelling захватывающий
conceive [kәn'si:v] – v постигать, задумывать
concise [kәn'saiz] – adj.краткий, четкий
convince – v yбeждaть, yвepять
crucial ['kru:òiәl] – adj. peшaющий ( o мoмeнтe, oпытe )
dominant – adj. господcтвyющий, пpeoблaдaющий
engender [in'ʤendә] – v порождaть, вызывaть
entice [in'tais] – v зaмaнивaть, oчapoвывaть
executive summary – peзюмe, кpaткoe излoжeниe, cвoдкa
hype = hyperbole [hai'pз:bәli] – n преувeличeниe, гипepбoлa
intimidate [in'timideit] – v пyгaть, зaпyгивaть
lucrative ['lu:krәtiv] – adj. прибыльный, выгoдный, дoxoдный
narrative ['nærәtiv] – adj. пoвecтвoвaтeльный; paccкaз; pr нарратив
recipient [ri´cipiәnt]– n пoлyчaтeль
relevant ['relivәnt] experience – подходящий oпыт (oтнocящийcя к дeлy)
showcase the company – пoкaзaть кaмпaнию
synopsis [si'nopsis] summary – кoнcпeкт, кpaткий oбзop
visual ['vizjuәl] considerations – нaглядныe пособия
4. Make up 5 sentences using the words and word combinations given above
5. Ask 10 different questions to the text
6. Find the international words in the text and explain their meaning in English
7. Prepositional phrasal verbs
Translate the sentences keeping in mind that the prepositions after the verbs change their familiar meaning
1. We`ve put some money aside for a holiday.
2. Please put your toys away now, children.
3. They`ve put the wedding off for a month.
4. When I heard how difficult the exam was, it put me off entering for it.
5. Why don`t you put a thicker jumper on?
6. He eats like a horse but never puts on weight.
7. Firefighters managed to put the fire out after two hours.
8. Could you put me through to the Manager, please?
9. My sister will put me up while I`m in London.
10. I will not put up with your rudeness!
8. Read the words, paying attention to different pronunciation of letters ch
Analyze the suffixes and translate the words. Add more from the text
-ness: weakness, competitiveness, readiness, happiness, eagerness, mightiness
-ment:investment, management, deployment, requirement, development
-tion: evaluation, position, destination, competition, direction, information
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