How to Write a Business' Concept Statement

Beth Rifkin reports:

"A concept statement clarifies an idea or design in words. Such statements are often used as part of a business plan or when proposing an idea to an investor or potential partner. The entirety of the business or product is summed up in just a few sentences, yet enough details are provided to give audiences a comprehensive understanding of the idea. A well-written concept statement allows the listener to have a clear visualization of the business. Keep the concept statement to one paragraph consisting of three or four sentences. The concept statement is not the business plan; rather the wording is used in business plans to easily explain the idea, product or design. Identify exactly what your product or service is...Explain what your company will do. Marketing, for example, encompasses many factors. Determine if you will specialize in a certain avenue of marketing, such as social media...Clarify the unique aspects of your idea or company. Investors may not want to put their money into something that already exists...Combine all of the factors into one solid concept statement."