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and so it goes when developing the idea for your new startup. while it’s true that a business plan is an important tool for defining your strategy, detailing deliverables for stakeholders and developing cashflow forecasts for investors, it’s important to first crystallize the idea behind the business by putting together a business concept statement. think of your business concept statement as a tool that distills your voluminous business plan into a handy one- or two-page document. while brevity is the hallmark of a solid business concepts statement, it should still encompass some key elements and provide a thoughtful analysis of your idea, a glimpse of the existing market, and a value proposition that distinguishes you from the rest of the market.
once you’ve finished developing your business concept statement, you’ll have a useful tool to pursue business partners, investors, lenders, advisors, mentors, peers and even future employees. they want to see a well-thought-out business idea that’s supported by an actionable analysis of the existing market. if you’re thinking about bringing a new business idea to market, but aren’t sure where to start, reach out to a score mentor, who can help guide you through the process of developing a compelling business concept statement. to increase your odds of a successful business startup, download this step-by-step business plan template you can use to plan for your new business. read more funded, in part, through a cooperative agreement with the u.s. small business administration.
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