Copyright © 2018 Innovative Business Concepts. Hire a focus group agency with an experienced moderator, or someone who will interview customers or consumers in group settings. Provide a printed version of your new business concept to the moderator. Allow the moderator to find target consumers for your focus group, or supply this individual with a current customer list. Plan on having the moderator talk to current and non-customer groups. Instruct the moderator to find two or three groups of eight to 10 individuals.
You may not even realize the number of businesses out there that have gotten their start by mixing together ideas like this, but there are plenty of them around. Take the ever growing in popularity Groupon. The Chicago-based company got its start in 2008 and already has over 70 million subscribers who log on each day looking to see what the daily deal is.
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A business concept is the foundational idea behind a business. This is intended to provide meaningful direction for the process of developing a business plan and launching a firm. At this stage, things will change and there is no need for a business concept to fully describe the business. What business concepts do capture is the unique value proposition of your business in the context of a crowded market. The following are common types of business concept.
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