Ok, so you got a best. Startup idea and now you want to implement that plan into action so for implementing the plan you will have to go through the function of organising, staffing, directing and controlling.
For entrepreneurs, it is often easier to come up with a variety of ideas for new businesses and more difficult to actually implement those concepts. A business concept is a bridge between an idea and a business plan. It focuses one’s thinking so that the entrepreneur can identify the specifics of his/her proposed venture. Converting an idea into a business concept requires thinking about how the product or service will be sold and who will buy it, the benefits of the product or service, how it is differentiated from similar ones, and methods of delivery.
Preparing a written concept statement helps unearth critical components of a venture and begins research into key factors that may be more thoroughly addressed in a business plan. As the business idea takes form as a concept statement, the entrepreneur can evaluate the business more effectively for potential challenges and pitfalls.
A clear business concept also enables the founder to succinctly describe the precise nature of the business to suppliers, customers, lenders, and resource team members; an important skill for entrepreneurial success.
When describing his/her business idea, the entrepreneur should answer the following questions:
a. What is my product/service?
b. What does my product/service do?
c. How is it different or better than other products/services?
d. Who will... (More)