Concept development by angela ihunweze

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This presentation is meant to provide an insight on the importance of a business concept exercise before writing a business plan. It enables the promoter of the business , structure the business idea in such a way he or she can define the business model an

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Concept development by angela ihunweze

  1. 1. ConceptDevelopment BY Angela Itambo Ihunweze 080 33 28 04 53angelaitambo74@yahoo.com
  2. 2. Table of contents What is a business concept? Framework for composing what a business concept Things to take note Assignment
  3. 3. What is a business concept? Business concept is an exercise that answers what the idea or business concept is all about, who the potential customers should be, what value is been added to this concept that will differentiate it from the rest? How it will be delivered, and most especially how will this business concept make money.
  4. 4. Why is it necessary? A business concept is very integral to the success of any venture irrespective the business opportunity. It is meant to prove if your business opportunity can be profitable; It enables you the entrepreneur thoroughly research to know extensively whether it is worth it to go ahead with the business opportunity and if already started to analyze new ideas which can take your business to the next level of growth and productivity The exercise is meant to show if you have done your homework thoroughly to ascertain the following:-
  5. 5. Framework for composing abusiness concepts;.The business offering either a product or service Is the industry where this product or service ready for such a concept. Is there a regulation from government and industry regulators designed to make the business favorable What is required to make this business concept extraordinary? Is it possible to acquire what is needed to accomplish these feats, these includes raw materials as well as the necessary manpower and financial resources.
  6. 6. Framework for composing abusiness concept Part 2The customers Is the customer aware that or he or she is in need of the business concept? Is the market ready for such a business concept (including the structure on ground)? Can it be cultivated and is there possibility for growth?
  7. 7. Framework for composing abusiness concept Part 3The distribution channel What is the culture for delivering such a business concept as yours? ( How will customers have access to what you are offering) Are there alternatives to delivery? ( this can lead to a new business opportunity) Is there any creative and cost effective way of delivering your concept?
  8. 8. Framework for composing a businessconcept Part 4  How will this factors culminate to sales and in turn to profit?  What is required to bring this concept to the market; this will involve identifying all the items and their cost structure.
  9. 9. Things to take note Mission: is a brief statement of the purpose of a company, organization. It tells you and those that come across it the fundamental purpose of the organization. It concentrates on the present. It defines the customer and the critical processes. It informs you of the desired level of performance.
  10. 10. Things to take note Part 2 Vision Statement; Defines the desired or intended future state of a specific organization or enterprise in terms of its fundamental objective and/or strategic direction .It outlines what the organization wants to be. It concentrates on the future. It is a source of inspiration. It provides clear decision-making
  11. 11. Things to take note Part 3 To convince others to buy your product or service you will have to first of all understand clearly what your offering is all about. This invariably will give you the opportunity to describe it to the minute detail to a layman and he or she will clearly understand it. To believe you are the only business offering of your kind in the market place may be an illusion. Even if your business is novel, before you came into the scene, customers you are targeting, how were they addressing that need in a particular? Therefore as an entrepreneur you must act professionally and ask yourself some questions. What makes my product or service unique from others? Think through the eyes of the customer.
  12. 12. Things to take note Part 4 Apart from description of your business offering , you must understand that to be said to be successful in business, simply entails how profitable your business is. A business that doesn’t make profit is said to be a hobby. Therefore as aspiring entrepreneurs whatever stage you are in; you simply must create a business model peculiar to your business.  How will your business make money( in
  13. 13. Things to take note Part 5  Every business has its mode of payment. There is a culture already practiced it is your duty to find out. It is however necessary to do a thorough background check from those in similar businesses on how customers pay. It will help you in your cash flow projections. This will save you from brandishing yourself and business a failure during the dull seasons of your industry. To every business especially if you inquire you will be advised on the expected rate of return per unit sold, the breakeven point (The breakeven point is the point at which a business breaks even (incurs neither a profit nor a loss) The breakeven point is the minimum amount of sales required to make a profit.) you should expect .  Finally to achieve the entire feat, you must be willing to invest your time, energy, and most
  14. 14. Things to take note Part 6 You must from the on set take time to identify all the financial costs that will enable you start the business, or expand your business . Don’t assume. It is better you know so as not be taken unawares When researching, find out what is the expected standard of manpower required. The qualifications that they must possess. This will enable you to see how you cope with what you have.
  15. 15. Business concept StructureBusiness overview Decide a business name Define vision statement Define mission statement Highlight the current status of the businessBusiness Concept The need Product and/or Service Target Market/Customer Value Proposition Distribution Channel Management Financial Requirement
  16. 16. Introducing Angela Ihunweze Mrs. Angela Ihunweze, an author, a business plan tutor and writer/Business development consultant, speaker on entrepreneurial/marketing related issues. A resource person on some related radio and television programs. Her firm assists entrepreneurs in identifying and accessing business opportunities peculiar to their personality. She is also speaker and trainer on entrepreneurial/marketing related issues. She can be invited to your organization or business to train A recipient of the outstanding volunteer award of the fate foundation of which she received an award as one of the outstanding volunteers for 2008. Book an appointment by calling 08033280453. Thank you

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