But there is something else that matters even more than the above.
Any successful business concept must fill a real need that is positioned to continue into the future without the business concept in place to provide relief.
There is no amount of hard work that can make up for overlooking this important requirement.
When building your business concept, really think about how you can take advantage of your passion or inherent skills to fill a need on behalf of some target audience.
Curiously enough, it seems that different resources have varying understandings of what a business concept should be.
Some consider it synonymous with the term “Value Proposition”, which is far too simplistic of a comparison – value proposition is part of the overall concept.Yet others discuss it in broad, nonspecific terms as something you need to include as a small piece of building a business plan.All of these definitions are technically accurate, but they fail to hone in on the “secret sauce” that makes something unique or valuable.I must say, there is potential to make this work, but the barriers to entry are higher than with wholesale new ideas that add value.Still, if you can’t figure out your own business concept, it may make sense to piggyback on something that another company already vetted out.The same folks often say they will make it succeed through “hard work and perseverance”.I love the dedication, but if that were all it took to make a company grow and sustain profitability, we wouldn’t see over half of businesses fail within five years.Let’s look at how that plays out all too frequently.One way we know that content marketing is reeling out of control is when the shtick gets too thick.However, if you have been reading my work since our earlier days, you already know that we started out covering a broader spectrum of business subjects.Today, I am taking a step back and delving into an entrepreneurship-related topic – how to formulate a successful business concept that you can build out into a real revenue machine.