What must the business concept do for your customer, your stakeholders, and investors?

Rizal, Philippines  December 8, 2013

Today is the feast of Immaculate Concepcion.  Rejoice

 

As we prepare our business plans, it is important that at the start,  the business concept must be (as I have repeated several times in class)

1.  Compelling

2.  Unique

3.  Differentiated.

A former student uses the word "mesmerize"

In the words of Seith Godin:   A purple cow.   Or if you want to be complicated, a business in a "blue ocean"

Guy Kawasaki  calls it "Enchantment"

Then you must have a 3 word tag/title for the business concept as you pre accelerate your business concept.  Getting into an accelerator program

Are you following/benchmarking these, as you do your draft of the business plan?

What is a business concept?

Business concept is the first part of the business plan.  It contains 50 words or less that tells us what the business is all about -  the main product being sold, the market, the price point (positioning) and the geographical market.   It must be easily understood.  If an average student can not understand it, then the concept is too complicated to start or execute.

The business concept must be differentiated, compelling, unique, competitive for it to be a successful start up.  If you will start something that is me too, then you are not an entrepreneur, and the business is likely unsustainable or might fail.

This is a critique of the food trip exercise submitted.   Many failed to address the basics of the business concept