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7 Types of Business Concept

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A business concept is the foundational idea behind a business. This is intended to provide meaningful direction for the process of developing a business plan and launching a firm. At this stage, things will change and there is no need for a business concept to fully describe the business. What business concepts do capture is the unique value proposition of your business in the context of a crowded market. The following are common types of business concept.

Mission

A purpose or mission. For example, a plan to develop a business that produces far less pollution that competitors in the same industry.

Business Model

A model for capturing value.

Competitive Advantage

Defining an area where you will outcompete. For example, a restaurant has a standard business model but may aim for superior or unique food.

Social

A business concept may be defined in social terms such as a fashion brand that aims to lead a fashion subculture.

Customer Experience

An idea for customer experience. For example, software that is pleasing to use in a category filled with products that have poor user interfaces.

Quality

Improving the value of products and services such as a hotel concept based on a compelling vision for the hotel's architecture and interior design.

Customer Needs

Addressing customer needs that aren't well served by the market. For example, a boutique hotel with floors for people with disabilities.
Overview: Business Concept
Type
Definition
The foundational idea behind a business.
Related Concepts
Next: Business Concept Examples

Business Plans

This is the complete list of articles we have written about business plans.
Brand Strategy
Business Assumptions
Business Concept
Business Environment
Business Model
Business Name
Business Plans
Business Risks
Capital Structure
Competition
Competitive Advantage
Competitive Disadvantage
Compliance
Cost Structure
Differentiation
Economic Environment
Family Business
Financial Risk
Goals
Innovation Risk
Management Plan
Market Analysis
Market Conditions
Market Environment
Market Research
Market Risk
Marketing Plan
Mission Statement
Objectives
Positioning
Pricing Strategy
Promotion Strategy
Return On Investment
Revenue Model
Revenue Structure
Risk Evaluation
Risk Treatments
Sales Strategy
SWOT Analysis
Target Market
Test Marketing
Time To Market
Time To Volume
Vision Statement
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