1.

The “concept” and the “strategy”

- Entrepreneur should think of the reason for the business’ existence.
- He can do this through crafting a brief vision statement.

Vision Statement- is simply defined as what the business should do in future.

The entrepreneur should also devise a Value creation proposition
- The value that the product or service will offer to the target customers or the satidfaction
of the needs or wants of the target customers.
- This proposition should be compelling enough to influence the behavior of the target
customers.
The entrepreneur should also understand the importance of timing of the business.
He/ she should ask:
Is it really necessary to establish the business now?

Last, entrepreneur needs to devise a differentiator or a positioning strategy .

(what difference will the new business inculcate to the target customers as compared with the
rest?)