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How do you discover the new concepts to meet your business challenges? It involves a process of both inhaleâ€ and an exhaleâ€. The accounting equation means that everything the business owns (assets) is balanced against claims against the business (liabilities and equity). Liabilities are claims based on what you owe vendors and lenders. Owners of the business have claims against the remaining assets (equity).
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.
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