THE BUSINESS CONCEPT – TRAINING
These trainings are brought to you by TechBuzz Hub in partnership with Mastercard, Young Africa Works and Innovation Village
HOW TO WRITE, DESIGN AND PRESENT A CONCEPT
Under this we shall look at various other sub topics. The topic alone calls for a better understanding of what a business concept is? Is a concept in any way related to an idea, if yes,how? if no, what is the difference between the two? What are the possible contents of a businessconcept?This article today is based on the third webinar on the series of webinars created and organized by tech buzz hub, together our partners basically looking at how to develop a business right from the core to a successful well-built and running business.
I shall therefore remind you that the first webinar handled ideas and success; which basically handled the meaning of ideas, types of ideas and how ideas are related to successful business. The second webinar handled DISCIPLINE AND IDEA GENERATION; under this topic there was a lot to do with how to generate an idea. It was a training in which young professionals and entrepreneurs were talked into generating ideas and how one can know that his idea is a billionaire idea. After having all those webinars this webinar then shall handle a business concept.
What is a concept.?
The word concept comes from the word conceive according to Mr. Andrew Tugumewhen faced by this very question. He says to conceive a word just as it is used in the day to day world would mean the genesis of / the beginning of something. Something sprouts up from conception. It is where knowledge comes from within you and then comes to be known outside you. Therefore, a business concept is the core of the business. It is the actuation of a business idea, having a detailed business perspective. A business concept is made up of how you create value and manage your idea. A business concept according to an internet source, is the basis for founding or transforming a business.
Types of business concepts
There are a number of ways that business concepts can come into place that is
- Sole prenuership (skill concepts)
- Investment as well.
What are the contents of a business concept?
- Background: – the business concept must have a background. In simple terms where does it come from, what challenge has it foreseen to redeem.
- Objectives: – these are things that your business looks forward to upholding and achieving in the near future.
- Goals / results / milestones: these are the different items or effects of your business concept that you would like to achieve through your business concept.
Concept note. These are few intuitions/instincts that arouse an entrepreneurs’ mind to come up with an idea. Concepts are generally used in the world of art where this concept can be materialized either through drawing or expressed through poetry or writing. In the business world, an idea is conceptualized when actually manifested in a business perspective. With a concept note you write how you speak, not the other way round. It’s from a concept that one gets interested in your module.
Canvances for example the value addition canvance, value proposition canvance and business module canvance among others can help you generate ideas and transform those ideas into concepts and finally develop your business.
What is the convergence point in your business concept? How do I design my business concept.?
Designing my business concept enables one do the right thing. In designing one must try to eliminate all eras, just as in mathematics conversion simply implies eradication of all eras in a system.
The question therefore is how do I creature or realize the convergence point in my business idea. According to mr. Andrew the best way of realizing a convergence is by
Applying design for example, using design clicking to execute your idea in a right way, amidst other options.
Applying the use of technology
Is there any way to expand your business concept to provide more value for your prospects?
Mr. Andrew answers by saying that yes people usually want something which is tangible and material in nature. Concepts are usually in immaterial form not until put in material form. This can be done through
Prototyping and modeling, use of logos; a logo means a written statement of a concept.
One may need to look good because it adds value to your concept therefore anything that is attractive, like use pf colors and bright and shouting colors is good.
How do I present my concept?
Usually presenting one’s concept requires pitches. Pitching is a word used in music to mean either the highness or lowness of sound. A presentation is like 50% of the whole idea. It is as well very true that people buy or negate ideas during the time of presentation therefore it’s good to know how and t whom you are presenting your idea in form of conceptto. The best way according to Mr. Andrew, is by pitching. Your creative use of colors, emotions, solution show much you expose of your concept also matters. To whom is the presentation being made, also guides on how your presentation should be carried on. There are ways of pitching which include the following:
- Elevator pitch; that is a presentation made in an elevator kind of experience in the shortest time possible, by use of the right cards.
- Competition pitch: to face off competition one must know which cards to pull out amidst strong competitors.
- Investor pitch. What do you think the investor is interested in, that will capture his interest in your product that is yet at concept level?
Lastly while making a presentation, feel the room, the audience you are talking to and have that business empathy if I may say.
From the audience arose a question like where do the scientist lie in a business concept?
Mr. Andrew answered by saying, entrepreneurs are the wisest people because they can do anything from any angle of the world, and of life. Because the more one knows the easier it is for one to generate ideas. The depth of concepts is more scientific because it involves research at each and every stage.
Davis Okoth asks that how can he incorporate demography in a business concept.
According to Mr. Andrew, demography highly depends on the nature and character of the people who live in the particular area. Literally living their lives before getting them to appreciate your concept. He gave an example of people in karamoja. You literally become a Karamojong, by knowing every aspect of their lives if you want your concept to be relevant to them, and if you need their population as a market base for your business concept.
Jalia asked that how do you use technology especially when it comes to designing.
According to Mr. Andrew you don’t need specific technology in as far as designing is concerned but tools are more relevant. For example, Microsoft word is more of a tool than a technology.
Technology is used when creating a product, however a tool is used when creating a concept.
Kelly on his part asked about the types of levels of prototyping especially when presenting a concept.
There are 3 levels of prototyping these include sketching, digital and metric. Sketching prototyping involves the use of pen and paper to create wireframes that show how your concept shall operate, using a sketch. Digital tools like xperia pencil. Involves use of digital tools to show how your concept shall operate and work. Metric prototyping is the use of a feature that one is sure will work for one’s concept.