Today we examined the purpose of a business plan as well as the requisite format and details that should be included. Carson prepared a draft plan yesterday that we discussed and supplemented during today's session. We first worked on the elements of the Executive Summary focusing on the need to describe exactly what the product does and is as well as considering an appealing name for the product and the company. Next, we examined what to include in the company description , specifically what type of biographical information to include about the owner(s) and its consultants.We further discussed the role of a patent in business and in a business plan. Third, we discussed the prospective market, its size and growth potential . Carson took notes and made revisions to his draft as we addressed each item of the plan. We will continue and compete this exercise this week in class.