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The same goes true for business. The conceptualization processes that help make new technological marvels work are the same processes that allow innovative ideas to become global businesses. After all, just about anything of worth starts as an idea.
Effective business conceptualizations entail a lot of brainstorming and planning. It also involves drawing up creative solutions to specific problems encountered by customers. Lastly, the resources
required to make the business idea work should also be established, with the main goal of acquiring these resources communicated clearly.
To leverage the business conceptualization process, the key people involved should own the process and gradually form a consensus about the business idea. To do this, the key people--who can be a single entrepreneur or a small group of business partners--should establish and agree among themselves what the business idea stands for (its core value and unique selling proposition) and for which purposes or goals it is being operated (its vision and mission). Strongly committing to the fundamental aspects of a business idea will provide the strong foundation necessary to explore and establish other important aspects of a business--such as funding, resource management, daily operations and staffing.
Another important element of the business conceptualization process is the business model, or how a business generates profit for the people who run and work for it as well as for the investors who provide funds for its inception and subsequent expansion. Conservative simulations should provide an objective background on how the business can deliver value to all stakeholders.
