Business Concepts

Business Concepts

Introduction

Most of the entrepreneurs initiate with a business idea and it is the first spark of entrepreneurship. However, a business concept differs from the business idea. The conversion of the idea into a concept requires a detailed and extensive exploration of the idea. A business concept is a business opportunity having a complete description of the target market, the core benefit of the product, the values associated and how the revenue generation would take place considering all the pros and cons (Kenneth, 2009). Furthermore, the business concept defines strategies for successfully implementing the product within the marketplace.

Daycares

Daycare is a much needed business in our society. The concept of this business can be applied to a number of different circumstances. With the changing trends and busy a lifestyle, daycare businesses have established a great need for their use. This industry has been growing over the last few years and even after emerging as an essential aspect it still requires further development. The daycare market has become quite competitive over the last few years. As more and more businesses are leading towards the idea of daycare business, our business would have to establish strategies that create a market and attracts the customers. The first and foremost is the pricing structure. The business will be providing competitive pricing to sustain in the market and create a balance. It would perhaps be priced 5-10% less than the market to gain a share of interest. The second differentiating aspect would be providing excellent customer service. The business would be hiring and training the employees to the optimum efficiency level so that quality service could be provided. Further, the business would be creating a good reputation in the community in order to have a good impact on the families who might be interested in availing ...