Question 1:

Business concept development is important because it forms the groundwork for a successful
business. It involves refining and clarifying the business idea, providing a roadmap for decision-
making, goal setting, and attracting support from investors and customers.

Question 2:

A new business begins with a clear business concept, outlining its purpose, target market, and value
proposition. This concept serves as the foundation for all subsequent business activities.

Question 3:

Business opportunities and concept development go hand in hand. Concept development transforms
identified opportunities into viable business ideas, and a well-developed concept can uncover hidden
opportunities in the market.

Question 4:

Protecting a business idea through intellectual property is crucial for various reasons. It prevents
unauthorized use, competition, and attracts investment. For example, in the tech industry,
companies like Apple use patents to safeguard their innovative products, ensuring a competitive
edge and attracting investors.