What Is A Business Concept?


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Daisy Sarma answered
A business concept is an idea that can be translated into a successful and profitable market venture. Basically, it could be an idea that can be translated to bring in revenue and create a profit situation for the person with the idea. All successful business organizations are formed on the basis of a feasible business concept. This implies automatically that for a business concept to become a successful business venture, it has to be feasible. Feasibility is a key to successful business. There have been many such business concepts that have gone on to be hugely successful business entities, and there also have been concepts that have failed.

Based on the feasibility of the concept, the next step would be to formulate a sound business plan and a robust business model. These would ensure that possible causes of failure are negated and an airtight profit-making scenario is developed. The personal computer or PC is one of the best examples of a sound business concept. The concept that a computer is something that each of us should be able to individually own or work on was the key to the development of the PC. Today, the PC is one of the most widely sold products.

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