Describe your business. Include an explanation of the business you are in. While this may sound obvious, it really isn’t. For instance, if you manufacture catalytic converters, are you in the pollution control business or the auto supply business? Different answers to that question can mean different businesses altogether. When you decide on the type of business that you’re in, you’ll know the types of product and services you need to provide, the market that you should target and the competitors that you are up against. 

 

Also include your company history, current business conditions, industry trends, and what makes you unique. To help you with your business description, ask yourself the following questions: 

 

           – When and why was your company formed? 

           – What is the nature of the product/service that you provide? 

           – What successes have you experienced over the years? 

           – What is your competitive advantage?