HOW TO DEVELOP A BUSINESS CONCEPTDon't MissEditors PickManagement by Bernard Taiwo - September 17, 20190 A business concept is a concise description of an opportunity that contains fo0ur critical elements: the customer definition; the value proposition (or benefit to the customer) and the compelling story, the product /service; and the distribution channel or means of delivering the benefits to the customer. The business concept can be