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Often the business concept statement changes during feasibility testing and business planning as the founder learns more about the market and potential profitability of the business. Eventually, however, the entrepreneur should be able to accurately, clearly and succinctly describe the essence of the business to others in two or three sentences. In some cases, a single sentence may do.
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So if you are really serious about moving your business to the next level, I suggest you make time to dig into my Top 10 Insanely Critical Business Concepts. Taken together, they cover a lot of ground. I would not suggest that you try to tackle all 10 concepts at once, or even several at a time. I suggest that you give a lot of thought to just one concept at a time.