What is a concept statement?

A concept statement is part of a business plan that defines and summarizes the design or idea of the proposed endeavor. For lawyers, a concept statement is the testimonial presented to a potential client that offers a solution to a current problem.

The concept statement for a business plan is crucial; it can make or break an investor's decision about the idea. A clear statement gives prospective investors enough information to move forward with consideration of the entire plan. It should be a brief paragraph that offers specifics about the proposal, and anything that makes the idea or company unique should be included.