Welcome to the quick cars executive summary. I'm glad you're here, it means that you're serious about what it takes to start a real new business. And that you want to know what makes a great executive summary. It also means you're in a hurry. So, in four short sessions, I'm going to help you create an executive summary, one that will stand out from your competition. Let's get going.

In the next four short sessions called snippets, we'll step through what an executive summary is all about, and how to build one. I'll show you when to use an executive summary, why it's so important to you and what it consists of. Then I'll give you some tips from serial entrepreneurs. We'll conclude this quick course with a cool tool, a checklist for constructing your own elevator pitch and they'll give you An example of a real executive summary. We'll begin with why and executive summaries important to you. Put yourself into this picture, you step onto the elevator and immediately spot that investor or potential employee.

This person you've dreamt of meeting but who's impossible to make contact with? You boldly look him in the eyes and say, glad I ran into you. I've got something exciting to share. And the person coolly says, I'm listening and stares back at you looking quite serious. You start talking very quickly, delivering your elevator pitch. And of course, your elevator pitch succeeds.

It gets his attention and as the elevator stops on this floor, he says, step off and tell me more Gives you a second chance, this time with three minutes to elaborate. As you finish, he says, Let's meet in my office next Tuesday morning at nine o'clock. Hey, you succeeded. There, you'll have ample time to present your idea. And then as he begins to walk down the hall to his room, he pauses, turns and says to you send me something. That's what most people will say to you after your quick elevator pitch.

That person you've been dying to meet who wants something from you, investor, super employee, candidate, influential blogger. All of them are going to want you to email them something. That's what an executive summary is all about. It's next on your list of documents to create. What should you send him? There are a lot of choices.

But which is best and what should it contain? How about a quick short email? Or long one? PowerPoint presentation is displaying on page one paragraph 1020. But numbers, especially what dollar signs? Well, that's what the course is all about the executive summary.

Now let's look at why you're going to need an executive summary and why it's so important. Its primary purpose is singular that is to get a meeting to present your story. Your aim is to get more time in person to present your business idea and frankly, to present yourself for the person to say yes, you have to stir his emotions. It's not about numbers or logic or facts simply it's about emotions. Now, start thinking What about your idea is going to get that special person eager to listen to what you have to offer? that calls for stimulating the person's emotions to captivate their attention, tell them a story.

The story about your business idea. The executive summary allows you room to add more facts and figures. It can get you the in person appointment you need. That's what makes this a special document. Alright, what goes into it? Well briefly, think of it as a mini business plan.

The whole plan and a few paragraphs, single paragraph and each topic for your plan and a small financial summary. Because it's short, it's going to be tricky to write. So we'll have to pay attention to those details a bit later. It's only going to be three or four pages long. That's longer than a script. Our three minute elevator pitch, but should not be longer than four pages.

And it's tough to write one in one or two pages. It should tell your story, the story that captivates the audience. That's very important. Your executive summary should be a skeleton of your plan. How about how you're going to build a very strong competitive advantage and advantage by entering a very attractive, fresh market the right way. You should aim to become so strong that your competition complains.

That's unfair. Then your story will be about your plan to dominate a lucrative new market opportunity and become the gorilla of that fresh space. Think of using the executive summary as the sugar that attracts the answer. The people you need for your business plan to succeed, the answer attracted by your executive summary. It directs them to what is ahead, then they go for the sugar. It's part of a sequence a process you tickle with the elevator pitch, attract with the executive summary, present your plan.

Success then is the sugar that comes at the end. It can come from investors, key employees, bloggers, and so on. These are some examples. It could be any one of these. Each person has something your business needs. Each must be attracted by your executive summary.

There are so many people so much you need from each one of them. And that's why it's so important to construct a great executive summary. By now you should have finished a sketch An elevator pitch. Next comes your executive summary. Be sure to complete the first two before you start working on the third because it's a lot quicker to do the executive summary. If you follow that process.

Remember, think about this, like starting with a lump of clay, working toward a preconceived sculpture. Push, add cut, keep going, keep shaping your idea. along the trail you soon see your initial idea taking the shape of a real business. One that you get excited about, one that you can document in a very effective executive summary. Now let's make a detailed examination of the content of an executive summary. Let's dive into some important details.

Think of the executive summary like a mini business plan. Typically it will be one short paragraph for each of the topics noted here. This follows the classic business plan that Silicon Valley entrepreneurs pioneered and used today with great success. You can read more about it in my book, high tech startup. Others have commented on it as well. As you can see, there will be six sections to your executive summary.

Go through them right now. Okay, let's move on. Like the sketch and elevator pitch. The executive summary should be responsive to three fundamental questions and finish with something exciting. First, how long have showed me how large could your sales be? Second, how compelling is your idea to potential customers?

Then what does the competitive picture look like? Get those three right you're way ahead. And finally, what is so exciting writing about your idea that customers will say wow, when they hear it. Use your responses to test the quality and completeness of your executive summary. In addition to the words you'll need numbers, financial numbers about the future for your idea, sales profit capital required as well as number of employees. Your story and numbers should be summarized by these four metrics, dollars of sales, operating profit in dollars, and as a percent of sales.

The number of people employed all the capital you need to do your business plan. a five year sketch of those metrics displays an estimate of the order of magnitude the reader could expect from your idea. In other words, hey, how big a deal could this really be? That's why financial numbers are important, they're necessary. If you don't understand finance get help from someone who does. To get your numbers done quickly, I recommend you use an Excel model such as quick up, I created it for people like you.

Its track record shows that greatly cuts the time to create financial projections that you need. For many first time founders, it's easy once you understand how to use a model like this, you can purchase quick up and start one now calm. If finance scares you, I encourage you to get financial help. serial entrepreneurs do it all the time. However you choose to proceed, get those financial numbers done. They add the power you need to get your idea across and you will look very professional.

Now let's dig into the serial entrepreneurs bucket of experience. I'll give you some Tips from those amazing people who did so well. First, respect the effort, you'll need to create a great executive summary. There's a lot of thinking that needs to go into it. It's tricky to do well, because it's so short. It's certainly not a 40 page business plan that's actually easier to write.

But it is worth all the effort. Next, that should be exciting. It has to stir emotions of the person reading it. Yes, it's more than words in numbers. It must be exciting, so make it exciting. I'm sure you can do that.

And it must be complete a miniature business plan. In one document, a collection of short paragraphs. It depicts the essentials of your business plan. Also display your innovative skills. In this executive summary, use words that are bold as you tell Your story about your cool idea. And make sure that you add a graphic that can grab attention.

Make every word count. crafted, well get rid of the buzzwords, stand out using solid words that have clear meaning and do include that graphic, it gets the reader thinking, it triggers the right brain. Okay? This plan is about an idea, but it's really about you because you're central to this idea. So, prepare to talk about yourself in the executive summary, as well as the rest of your core team, the people that are going to help you convert your idea into an amazing success. You'll be expected to mention something about the CEO and each of the top leaders.

Do you know who will bring the business know how needed especially if you have no prior business experience? You you expect to be the business leader forever. As serial entrepreneurs have learned startups are all about people. So craft the management section of your executive summary. Well, it's very important. And do a fine job with your financial numbers.

Get the help you need. Use tools to make it quicker and easier. A model I picked up makes your work faster as well as look very professional. You only need to input a few numbers, outcome the financial statements in professional form, telling you how profitable your business will be, and what your balance sheet and income statement look like, as well as the cash you need. Finally, prepare your plan to divide the shares of your business. Who's going to get what percent of the business and why.

And what do you think your business will be worth? How valuable what is its valuation Today, how about in five years. This can be fun to do even if it's your first time and it's very important to do before you proceed further. Many a founder has gotten to be a floundering founder by not getting this part straight on day one. ownership and wealth sharing are vital to get right. Well, here we are nearly done.

Let's look at that checklist and example. We've completed for short snippets right. Now let's look at the cool tool that checklist and then dive into the executive summary. On this checklist are 15 items. See if all of them are in your executive summary. Keep crafting and adjusting your document until you check each box is it complete clear The need and opportunity.

How will you outwit the competition? What are your key milestones? What will you do about marketing and operations? Who are management? What are the financial projections show? Is it three to four pages?

Where's the compelling graphic? Does that answer how large it is? Is it compelling? What about the competition and does it stir emotions? And most of all, is it enticing meaning? Hey, come present to me on Tuesday.

Alright, here's the example. I've got a real one waiting for you at start win now calm head over there. When we're finished. Look for examples. click there and access a real executive summary. Compare it to yours.

Then keep on improving your document. Try it out and friends whom you trust as you develop it and alter and modify it until you're satisfied. After your three minute elevator pitch 16th, your listener will most likely say send me something that's called an executive summary. The person wants to read, then do more research, check out what he heard. Your hope is to get an invitation to meet in person, then you can present your cool idea. Typically with some PowerPoint slides discussed over roughly an hour.

A well crafted executive summary will do that for you. Congratulations, you finished the course on the executive summary. That was pretty quick, wasn't it? Well, this is fresh in your sharp mind, start typing the first draft. First thoughts are often the most creative. You'll find other quick causes It's Darwin now calm.

I'm heading there now. Hope to see you there.