Do you know the difference between a business idea and a business concept?
Let`s break this to you at the earliest: Having a good idea for a business isn’t enough to make it a havoc success. The very first step to put the right foot front is to get an incisive Business concept. Hence the business concept is the bridge between your business idea and a workable business model.
It is risky to directly start based on the idea alone. A business is a combination of brainstorming ideas, aligned concepts and fair execution which decides your business success.
Let`s start with an example of how to create a business concept or brainstorm on the same,using the most methodical example which all of us have implemented in our lives, anytime we go for a new product be it for skincare or electronics, etc.
We always use a tester first or run a test on sample, don’t we? In the same manner all we need to do is create a concept testing for Business.
Marketers these days are very much into A/B testing. Do you know why?? Because within seconds they get an update on the mobile for anything and everything. Traditional marketing is now not as effective as digital is and who knows this will change soon. So doing A/B testing means having alternative execution of business concepts which will give you the actual data on which you can analyse the Market response, Behaviour of your targeted customer, Analytics for the traffic response, etc.
Doing a thorough study of your Business concept A/B testing as to what needs to be changed in plan A and what needs to be implemented in plan B is all you can do with multiple possibilities. Business idea is what is there without execution but when you create a concept around that idea in order to execute that idea is what a business concept is.
For example: Business Idea: You would like to start a boutique.
Business Concept: A line of affordable , sustainable clothes that caters to a specific range of customers, viz. Mompreneurs who are juggling between household and work but yet want to look stylish in their regular attire.
You have a defined target audience and plan to focus on providing affordable ,sustainable and stylish range of dresses. You could, upon further research, add other accessories like handbags ,jewelleries etc. to complete the look.
Activate your business concept and give your sparking innovation a try. Let us know in the comments if you have tried out by combining an idea with a concept to create a workable business model.
