How to write a concept statement for your business

Want to give your new business direction right from the start? Try these helpful tips and tricks to create a concept statement to help keep things on track.

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How to write a concept statement for your business

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Transcript: How to write a concept statement? Withthis template I'm going to show you how to write a powerful concept. With thistemplate I'm going to show you in this movie how to write a powerful conceptstatement. I also will discuss the most common mistakes. And I'll give you apractical example. my name is Gijs van Wulfen. I am a global speaker on innovation, designthinking, and creativity. Speaking to you from Crete; the island I lived. From Georgioupolis this time. With these practical videos I like to make YOU a betterinnovator. Today I'm going to talk about how to write a strong concept statement.Why can I answer that question? Well, as innovation facilitator and LinkedIninfluencer, I have helped people generate more than 50,000 ideas and I help themwrite more than 750 concept statements. so in practice we develop this greatwonderful template I'm going to show you that. I am going to talk about fourthings. First what is a concept statement? Second: four essential elements of a goodconcept statement. I'm go discuss with you three common mistakes making aconcept statement. And then I'll show you a practical example. First of all what is aconcept statement? The concept statement is a brief introduction of... See more →

Transcript: hello Pierre this is Adams head welcome to my youtube channel the business room where dreams ideas and hopes are blended to produce a percentage of relative I'll encourage you to subscribe to this channel in order to watch my previous videos how to generate great business ideas and how to put your business ideas into reality in this episode we are going to be looking at the business concept statement and the business concept statement is the second aspect of the business process the business testing process after the business model canvas the business concept statement described the various points about the business or the business idea the product it intends to sell to the markets they market it intent for the competitive environment of which the idea or the business is located and the viability of the business the business concept statement says as a guide to the idea owner or the enterpreneur as he journeys through a successful business the first thing we are going to be looking at under the business console statement is the business description aspect and under these aspects we are going to be looking at two points the business idea and opportunity... See more →

Key quotes:

  • "Reliable source to discover restaurants based on reviews, range of options to choose from, reviews to validate the choice, check the menu virtually to choose preferences e) Solution: What is the solution that you are offering and how the product addresses or solves the customer problem"
  • "Users are majorly using google search, personal references for recommendations on the restaurants k) Core team: Core team required at the initial stage who can help you get the idea into a shape A lead developer who can convert my idea into an tech product & An experienced B2C digital marketing expert, I can manage the business and B2B partnerships front Writing this concept is the first step towards actioning your startup idea"
  • "Initiating action with this concept note will encourage you to keep progressing & go the next steps You can also further improvise your idea & add/modify relevant elements to all the data points over a period of time, based on your thought process, feedback or suggestions received or research"
  • "Improvements: We can add table booking, gift coupons, food ordering, order management features to the app at a later stage You need to be careful in handling the responses when you share your idea with others."
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Key quotes:

  • "Depending on the stage you’ve reached, you might follow it up with a second sentence about your business model: We make money by charging [customers] to get [benefit] Example : “We make companies more efficient by providing a live feed of comments and questions, so employees can find answers more quickly"
  • "This would be a better solution because it would be easy and quick to install, it would be simple to operate, it would not require large investments in infrastructure, it would last long, and rural entrepreneurs could even earn money by selling clean water.” * 4"
  • "Geof Moore’s Value proposition Statement For (target customer) who (statement of the need or opportunity) our (product/service name) is (product category) that (statement of benefit) For example: For non-technical marketers who struggle to find return on investment in social media"
  • "5"
  • "Steve Blanks’ XYZ We help X do Y doing Z For example: We help non-technical marketers discover return on investment in social media by turning engagement metrics into revenue metrics"
  • "Solution — Low cost, easy to deploy analytic system designed for non technical markets who need actionable metrics."
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Key quotes:

  • "Early in my career, when I was struggling to find an engaging approach to communication in a complex industry, my boss encouraged me to emulate the tactics of well-known brands"
  • "So, how can you write memorable stories that capture your audience and turn them into loyal customers, regardless of your brand or industry? Check out eyewear brand Warby Parker’s mission for inspiration: Warby Parker was founded with a rebellious spirit and a lofty objective: to offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses"
  • "It doesn’t matter what kind of business or industry you’re in; there’s always a story to tell that involves people"
  • "But to make them engaging and memorable, you should include some basic story elements like a conflict and turning point, or descriptive words that paint a picture"
  • "Sometimes the best way to tell your brand’s story is through the voice of a fictional character"
  • "Whether you sell business cards like Moo or are a utility like DC Water, be sure to use images that convey your message when telling your brand’s story"
  • "I can’t promise that creating well-crafted brand stories will turn your company into a household name, like the brands that inspired me when I was just starting out."
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Key quotes:

  • "Sample(s) For non-technical marketers who struggle to find return on investment in social media our product is a web-based analytics software that translates engagement metrics into actionable revenue metrics"
  • "Lean startup and customer development guru Steve Blank refers to the value proposition as a ‘ten-dollar phrase’ describing a company’s product or service; the ‘what are you building and selling?’ Blank suggests using the following form for creating a value proposition statement that people truly can understand"
  • "Sample(s) We help non-technical marketers discover return on investment in social media by turning engagement metrics into revenue metrics"
  • "Sample(s) Customer: I believe my best customers are small and medium-sized business (SMB) markets"
  • "Eric Sink writes that your value proposition is somewhat like your marketing iceberg — the part sticking out of the water is highly visible"
  • "According to HBS Professor Clayton Christensen, designing an innovative customer value proposition begins with genuinely understanding the customer’s jobs-to-be-done (JTBD)"
  • "Template Why: ___________ How: ___________ What: ___________ Sample(s) Why: In everything we do, we believe in challenging the status quo"
  • "The SCQA (Situation, Complication, Question, and Answer) framework by Barbara Minto, also known as The Minto Pyramid, helps you organize your ideas to write compelling business documents."
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Key quotes:

  • "You don’t have to add a lot of cash flows statements or numbers to the business plan, but instead, you would need to have a simple orientation plan stating how it is going to be achieved, where you want to go, and the potential and market competition for your startup"
  • "Below are some of the questions you need to answer in a business plan"
  • "Once you are done with the market analysis and objectives for your business, the next step is to explain your startup’s cost for the future goals of your company in the business plan"
  • "In this section of your business plan, you are required to distinguish your venture from the competition, and persuade the readers that your company will be able to compete successfully"
  • "Once you objectively evaluate your missions, capital needs, competition, products, services, management, and operational plans, the next step is to figure out the best marketing and sales channels"
  • "Consider the following to include in your business plan, under the marketing section"
  • "No matter if the business depends on the people in charge, a well-planned business plan will assist you in ensuring that the company is achieving your goals."
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