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WHAT IS CONCEPT IN BUSINESES A business concept describes and clearly defines a new idea for a business initiative, whether that be creating a new company or producing a new product for the consumer market. A successful business concept lays out the groundwork for why you have created the idea, what it can solve, who the demographic is and whether it's beneficial enough to invest in it. An important component of a business concept is the business model, which details the finances of the concept and how to make it profitable. No matter the business concept, it's essential to outline the framework for revenue growth, like how much the product or service might cost and the necessary resources to ensure that it's financially successful. Being innovative Involves thinking of creative ideas that solve a consumer's issues or make some aspect of their lives more efficient. These ideas and solutions become business concepts, which give focus to a business idea and define its p...