When thinking about a business concept, the BCBC acronym ICA comes to mind. The I stands for Idea, C stands for Clients, and A stands for Assets.
Idea
An idea is a concept of a service or good that is needed. When brainstorming ideas, it is good to ask these top three questions. This process will help you select the strongest idea from the brainstorming pool. In the grand scheme of things, it is a real time-saver.
Questions You Can Ask
1. Does this idea already exist?
2. If yes, can something be added to the idea to make it unique?
3. How much time will be dedicated to putting this idea into effect?
Clients
Identifying the targeted client market is worth doing upfront. Doing a target market analysis can be very beneficial in aiming for resources and time to go in the right direction. Research questions can include demographics, ethnicity, race, income, services and goods in the area, and points of interest.
Once the data is collected, the client’s profile can be assessed. Then, a plan to target the clients can be created based on data collected from the targeted audience analysis.
Assets
The last step in this acronym is to evaluate what kind of assets can be acquired by providing this service or good. Assets are not only monetary gains but can also be intellectual. This includes ideas, copyrights, trademarks, designs, and patents, to name a few.
