Ideas act as catalysts for development, advancement, and social change. Ideas inspire creativity and innovation in business. Many organizations, like 3M, Google, and others, promote (or even demand) that employees spend 10–20 percent of their time on extracurricular activities, professional development, or concept discovery.
Changes in customer demand lead to the formation of new business ideas. For instance, demand for Activia yogurts has recently declined. It may be due to customer preferences, such as the current preference for Greek-style yogurt. New business concepts are a result of new technology.
As your company starts and expands, it will assist you in directing it. Consider a business plan as a GPS to help you launch your company. A solid business plan helps you at every step of beginning and running your company. Your business plan will act as a road map for setting up, managing, and expanding your new company.
A company’s structure is built on its business plan, while its basis is its business model. Therefore, a business model is the core concept of the company and a description of how it operates. The business plan provides specific examples of how this concept might operate.
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