The desire to push the boundaries has been a motivator in many a daring expedition, testing the human spirit and physical abilities to the utmost.Indulge your adventurous spirit by exploring some associated ‘extreme’ vocabulary.I must say, there is potential to make this work, but the barriers to entry are higher than with wholesale new ideas that add value.
If you ask a dozen entrepreneurs and business consultants, you could very well get 12 different variations on the same definition of the term “business concept”.
My basic definition would read something like: A business concept is a full, well-thought out construct of all of the key items required to build a profitable business, including overall offering, specific products/services (at least to start out), who would pay for that product/service, how the product would be delivered to the target audiences, and why the concept is unique enough to succeed.
Some of the biggest offenders in my mind are the naive mantras of “Do what you love“, “Chase your passions“, and “It isn’t work if you love what you are doing.” In a perfect world, yes, doing what you love would pay the bills. I love to play fretless bass guitar, but no one will be surprised to learn that making a living at music is extremely difficult and doesn’t pay very well, aside from the few who hit it big.
Almost every week I meet someone who is following their passion and starting a business, only to learn that most of them have no idea how to make a business succeed.
However, if you have been reading my work since our earlier days, you already know that we started out covering a broader spectrum of business subjects.
Today, I am taking a step back and delving into an entrepreneurship-related topic – how to formulate a successful business concept that you can build out into a real revenue machine.An idea for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors.A business concept may involve a new product or simply a novel approach to marketing or delivering an existing product.On the other end of the spectrum, we have people who aim to take a good idea and add innovation to it.Perhaps they can make a more effective, less expensive, or easier to scale product than an existing competitor.But the language remains a bit broad, for example, “unique selling proposition”.The words themselves suggest a meaning, but for newcomers to this phrase, it can appear to be more “pie in the sky” than concrete in nature.Once a concept is developed, it is incorporated into a business plan.This is a great definition, a bit more thorough than my own swag above.Notice how important both the idea itself as well as the intended execution matters.Of course, this definition, like my own, covers many important areas that should be included.