Page 23 - BUSINESS COMMUNIQUE ver. 2

Understanding Essentials of

Business

A business can be an This stage ensures the business By Mehak Abdul
organization or enterprising idea is well thought out
entity is engaged in commercial,
industrial or professional The Role of a Blue Print in
activities. Business can be driven Business
by profit seeking entities or by A blueprint is important for a
non-profit organizations business. It is a plan that helps
depending on their purpose and the business to understand how
goals. to operate, make money, and
deliver value to its customers. It
The concept of Business Idea: can capture value by detailing
A business idea is a concept or key aspects to stay focused on
notation for a product, service or the goals and adapt to changes
venture with a potential to evolve in the market.
into a profitable business.
Crafting a Value Proposition
Developing a business idea A value proposition is the
The process of developing a promise a business makes to
business idea involves solve its customers' problems.
Brainstorming, conducting
thorough research, and Value proposition is important in
validating the concept. every business as it will
Ideas can stem from various showcase business commitment
sources, such as personal to delivering value and building
experiences, observations, or trust, which in turn will help them
hobbies expand.

Entrepreneurs must critically Embracing Competition and
analyse these ideas to determine Differentiation
their feasibility and market Competition and differentiation
potential. are very important in a business

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BUSINESS & ENTREPRENEURSHIP CLUB, ISWK