Welcome to Unit 3, Video 3. At this point in the unit, we will begin the process of reviewing specific parts of a brief business plan. The topic for this video will be the business description including the product description and management and operations. As we draft sample sentences, we will also try to use intensifies and compliments to be more persuasive. The purpose of the business description section of a business plan is to describe the new product or in some cases, set of new products. And explain the way the business will be managed and operated. As we learned in unit one, a product description includes information about the product, the type of product, the target market, the general function and the other general function, if appropriate. As we recently reviewed in Video 2, adding intensifiers and compliments can make simple product descriptions even more persuasive. Here's an example with Cricket Flour, Cricket Flour is a very new food ingredient made out of crickets that will help healthy people get even more protein, iron, and calcium in their diet. Here's an example with Wecyclers, Wecyclers is a newer recycling service that will help people in communities with too much trash exchange their recycling for points and clean the streets at the same time. Visuals such as pictures or videos of goods or people using services, can also improve the product description in a business plan. The purpose of the management and operation section of a business plan is to explain how the business will be managed and operated. This is helpful information for investors, employees and suppliers. Because they will want to be sure that the entrepreneur knows how many people and resources are needed to run the business. Detailed business plans may even include specific information about each employee and pictures of the store or office space. A simple plan may only include the number of managers and employees, as well as a general description of the organization. Here is a sample sentence structure for explaining the number of managers and employees. And here are some example sentences. Cricket Flour will have two managers and five employees. Wecyclers will have one manager and three employees. This is a sample sentence structure for a general description of an operation. Notice that the operation is simply described with three actions. As you will see in the next two examples, each action is expressed with a verb phrase that explains a step in the operation. Cricket Flour will buy crickets from a supplier, process the crickets into flour, and sell the product in local stores and online. Wecyclers will collect and weigh recycling from local neighborhoods, give families points to trade for needed products, and sort and process the recycling for re-use in other locations. Remember, the business description section of a business plan is designed to review the product, management and operation. In a simple, brief plan, there is less detail and explanation. In a more complicated, longer plan, entrepreneurs include much more information. In Video 4, we will review some basic marketing concepts to prepare for the marketing section of the business plan. Which will be discussed in Video 5.