If this concept is not clear it is generally a red flag to those reading the plan. First, understand that an idea is not a concept, only the beginning of one. Second, many concepts are broad, catch all statements made in the hope of attracting as much interest as possible. Third, the concept may be incomplete. It omits some key aspects such as market strategy.
Many businesses fail because of a faulty concept.
The concept would have never worked to begin with. The reason why entrepreneurs evaluate a concept, write a feasibility plan and a business plan is that they are continuously testing the concept to determine if it can be successful after all the negative aspects have been considered. If the business concept appears to be sound, the next step is to prepare a business plan. Although entrepreneurs tire of hearing about the need for a business plan, it is a key factor in the development of a new business. It is also essential for the existing business to plan its future.