Develop a concept statement for the business idea

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Reference no: EM133649980

Question: The purpose of the first assignment is to provide you with a vehicle to explore possible business ideas and to select a business to develop through the course. The Concept Statement should identify the features of your product/service, target market, benefits, or value of your product/service, and who will make up your management team.

You will develop a concept statement for the business idea you are proposing and receive feedback from your peers. The business can be one of three possibilities:

1. Business start-up

2. Promoting an innovative product or service with a company where they are employed

While brevity is the hallmark of a solid Business Concepts Statement, it should still include key elements and provide a thoughtful analysis of your idea, a glimpse of the existing market, and a value proposition that distinguishes you from the rest of the market.

Think of it as your opportunity to describe what your idea is, why is it important, who are the potential customers and how the customers will benefit from this product or service. This statement is the heart of your business plan.

This is a relatively short statement but an important one. Make sure you explain your idea clearly identifying the benefits but keep in mind the benefits might not be as clear to others as it is to you.

Once you've finished developing your Business Concept Statement, you'll have a useful tool to pursue business partners, investors, lenders, advisors, mentors, peers, and even future employees.

Reference no: EM133649980

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