OVERVIEW OF A CONCEPT PAPER

A concept paper also called white papers in the government contracting sector is document that contains all useful information for the development of a new product. It contains an Introduction, objectives, the team carrying out research, market analysis, target cost, e.t.c. It can also be interpreted as a short summary that tells the reader what the project is, why it is important, and how it will be carried out. Even if no one else ever reads it, the concept paper helps the researcher spot holes in his or her project that might later prove fatal i.e. It is far better to be clear at the beginning than to get a huge shocker at the tail end of the underline research. The Concept paper, once approved, becomes the reference document for all team members for the product and process development. A concept papers may used in any of the following ways: To interest potential funders. For foundations/organizations requesting a summary of project prior to authorizing submittal of full application. To develop potential solutions or investigations into project ideas. To determine whether a project idea is fundable. To serve as the foundation of a full proposal A concept paper should be brief (6-8 pages) and sufficient. Use language that is definite e.g. Instead of stating, We may carry out this task, project confidence in the proposal and assert, We will carry out this task. Act as the salesperson for your idea by avoiding conditional language that minimizes your ability to carry out the project, such as if, however, and but. Below is a format/outline in which a concept paper should follow depending on the research being carried out? 1. Introduction 2. Purpose 3. Project Description 3.1 Goals and Objectives/Research Questions 3.2 Methodology and Timelines 3.3 Benefits/Anticipated Outcomes 4. Support needed & Costs (if requested) 5. Contact Information

1. The first section, the Introduction, identifies how and where the applicants mission and the funders mission intersect or align. It addresses the reasons why the funder should support projects in the given general area. It also introduces the applicants partners and shows why the partners want to participate in the project. 2. Second is the Purpose or Need or Rationale, which outlines what others have written about the general topic and focuses on the gap in knowledge to be filled, the problem to be solved, or the need to be addressed by the applicants proposed project. Similar to a literature review, this section allows the applicant to state the purpose or need in such a way that the applicants project is the best possible solution to the problem. Also, it often provides statements addressing the significance of the project (showing why the project should be supported). In some cases, these first two sections are merged into a Background section that both introduces the alignment between the two organizations missions and provides the need statement. 3. Third is the Project Description, functioning as the solution to the problem, the answer to the need, or the investigation that will fill the knowledge gap. In this section, the applicant addresses the unique, unusual, distinctive, innovative aspects of the approach, showing why the applicants team has the best solution and presenting a compelling case for funding. The project description includes the projects Goals and Objectives. The project description also includes an overview of the projects Methodology (sometimes called Project Activities or Action Plan or Approach). The goals, objectives, and methods (or activities) will need to align closely with each other and will need to be accomplished within the proposed Timeline, expressed in either months or years. The methods or activities will need to be congruent with or based on what has been tried in the field in the past, they must be based on empirical evidence, and they will need to be both reasonable in cost and complexity and accomplishable within the proposed timeline. The project description typically concludes with a statement of Benefits (or Anticipated Outcomes) along with a description of who will benefit and how. 4. The fourth section, Support or Budget, contains either (1) an outline of the main budget categories for the requested project support or (2) a single bottom-line amount of the request and a brief discussion of how that amount will be used. Some concept papers may not even include an amount requested. 5. The fifth and final section provides the Contact Information of the applicant organizations chief executive or his/her designee authorized to make funding requests.

AN OVERVIEW OF A BUSINESS PLAN

A business plan is a written document (usually 12-15 pages) that convincingly demonstrates that your proposed business idea can sell enough of its products to make satisfactory profit or to be attractive enough to a potential financer. It describes the proposed existence of a business evaluating the market, the competition, estimating financial income and expenditures and also showing awareness of the risk and how to mitigate the risk.

Functions of a Business Plan 1. It is a tool of analysis in that it analyses all the activities of the business from the background, purpose of business, market to serve, structure of the business, operation of the business, financial and risk issues. 2. It is an evaluation tool since it sets the standards against which its success can be measured. 3. It is a synthesis tool, showing how various tools integrate towards the success of the business. 4. It is a competition tool as the business uses the plan to position itself in a particular market or industry. 5. It is also a marketing tool as it sells the business to prospective financers. 6. Overall it is a management tool

Format/Components of a Business Plan 1. Executive Summary/Abstract 2. Business description Summary of the Business Aims of the Business The Business Product/Service

3. Market plan The Market Competition The Environment Suppliers Information Marketing Strategy Branding Advertising & Promotion Internet Strategy Pricing Structure 4. Operations Management Staff Resources Premises Regulations The Future 5. Financial Forecasts Survival Budget Personal Survival Budget Your Survival Budget Start Up Costs Capital Expenditure Analysis Sales Forecast Cash Flow Forecast Projected Profit and Loss Account Projected Balance Sheet 6. Risk assumptions and mitigation factors

CONCLUSION Indeed both are stages in carrying out professional research. One can think of it in architectural terms i.e. Begin with sketches, then blueprints, and finally building the house and having that in mind one needs to begin with a concept paper then proceed to the business plan. The Business Plan is complementary to the Concept Paper and focuses in particular on the feasibility of the project idea.

NB: Also since both stages require a lot of literature review(especially concept paper) one
should cite the relevant references using any APA, HAVARD or CHICAGO styles used to avoid plagiarism and to maintain the authenticity of the research carried out. Also depending on the

length of the research it could or could not include a bibliography i.e. a list of the books referred to in a scholarly or professional work, usually printed as an appendix