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What is a good business?
how do I go about developing a unique business Idea and mode
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6 answers
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Gloriana’s Answer
The first thing you should do is understanding your market and your customer. Learn about their pains, motivations, dreams. Do not design from your desk. Go and talk to people
Then define a concept and a business model and understand the most critical asumptions and validate them as hypotesis.
Prototype and do not scale a business model until you are sure that it solves a real problem in the market
Do not fall in love with the solution rather than the problem. Spotify is solving a problem that will always be present: Entrertain. Other companies have solved before but none of them the way spotify did .
Analize the market
Choose a big problem to solve: Do a buyer persona with the information you have
Understand how other companies are solving and what is not solved yet developomg their startup
Design your business model.
Understand the biggest assumptions of your business model and prototyoe them to obtain feedback of your customer
Then define a concept and a business model and understand the most critical asumptions and validate them as hypotesis.
Prototype and do not scale a business model until you are sure that it solves a real problem in the market
Do not fall in love with the solution rather than the problem. Spotify is solving a problem that will always be present: Entrertain. Other companies have solved before but none of them the way spotify did .
Gloriana recommends the following next steps:
Updated
Nicole’s Answer
This is a great question!
This is how it worked out for me..
Think about what fuels you. What makes you light up and what you enjoy doing. This will be unique because YOU will make it unique.
Write down your goal on a sheet of paper. Keep it with you and read it throughout the day, everyday. Success is 95% mindset and 5% strategy.
Focus on what you want to accomplish, nothing negative should be a thought or else this won't work.
Find someone that has made alot of money doing what you want to do and follow what they did.
Do it for free when you can. Give willingly and you'll receive graciously.
This is how it worked out for me..
Nicole recommends the following next steps:
Updated
Rebecca’s Answer
Thank you for sharing. I am glad to hear that you would like to be entrepreneur and would like to develop some unique ideas. Firstly, have you thought about what industry you would like to develop your business?
Below are my suggestions :
1. Find out the industry you would like to develop the business, e.g. what you have interest, you have strength, etc.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative or substitute, etc.
3. Attend industry related courses and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Develop a long term business plan and breakdown into short term milestones.
6. Establish the business online first if feasible
7. Review the progress on business plan regularly and make adjustment if necessary
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions :
1. Find out the industry you would like to develop the business, e.g. what you have interest, you have strength, etc.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative or substitute, etc.
3. Attend industry related courses and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Develop a long term business plan and breakdown into short term milestones.
6. Establish the business online first if feasible
7. Review the progress on business plan regularly and make adjustment if necessary
Hope this helps! Good Luck!
May Almighty God bless you!
Updated
Michelle’s Answer
Hello, Warren !
I can give you some advice based on observations and spark some general ideas for you, but really, you won't know if your business is "good" for some time as it is a process. You'd have to decide if you are skilled in service or a product.
You would have to tap into your creative and unique skills and also become aware of what businesses are already out there and which types of products and services are flooding the market. Some overdone areas are health products, cosmetics and toiletries, technology software and services on websites, and many others that you see millions of ads for and a ton of listings on E-Bay for. Step out of the box, be different and get noticed.
You will have to think of a product and service that doesn't exist yet but is very, very useful and start out at a reasonable price for it. You have to start somewhere, so make it easy for yourself to draw in customers. First and foremost, I would suggest going an academic route and majoring in business. This would be a great opportunity for you to develop the skills, the hands on project work and contacts that will help you build your business. You'll need to become familiar with patent laws, how to apply for a patent and everything about the product or service you develop. At any time, you can conduct some market research for your prospective business by way of surveys and see what people out there really want and need. Think about what realm you want to work with - technology, food, entertainment, or any that you can come up with as a base.
In the meantime, get in a situation in which you can save money because business ventures will always require start up money and once you get your concept for your business, you'll want to start as soon as possible. I have left an article for you below about the owner of Ogline Digital who became a success by selling her service before it was even up and running ! I advise reading a lot of entrepreneur magazines and I have left a link to a list of them for you below.
Try not to rush things, be original and unique, gain education and experience and your special business idea will come to you ! Best wishes on an exciting journey !
WHY ENTREPRENEURS SHOULD DEVELOP A UNIQUE PRODUCT https://www.business.com/articles/why-to-develop-your-original-product/
SUCCESS STORY https://worth.com/sell-product-that-doesnt-exist-yet-why-you-should/
ENTREPRENEUR MAGAZINES https://altar.io/business-magazines-for-entrepreneurs/
I can give you some advice based on observations and spark some general ideas for you, but really, you won't know if your business is "good" for some time as it is a process. You'd have to decide if you are skilled in service or a product.
You would have to tap into your creative and unique skills and also become aware of what businesses are already out there and which types of products and services are flooding the market. Some overdone areas are health products, cosmetics and toiletries, technology software and services on websites, and many others that you see millions of ads for and a ton of listings on E-Bay for. Step out of the box, be different and get noticed.
You will have to think of a product and service that doesn't exist yet but is very, very useful and start out at a reasonable price for it. You have to start somewhere, so make it easy for yourself to draw in customers. First and foremost, I would suggest going an academic route and majoring in business. This would be a great opportunity for you to develop the skills, the hands on project work and contacts that will help you build your business. You'll need to become familiar with patent laws, how to apply for a patent and everything about the product or service you develop. At any time, you can conduct some market research for your prospective business by way of surveys and see what people out there really want and need. Think about what realm you want to work with - technology, food, entertainment, or any that you can come up with as a base.
In the meantime, get in a situation in which you can save money because business ventures will always require start up money and once you get your concept for your business, you'll want to start as soon as possible. I have left an article for you below about the owner of Ogline Digital who became a success by selling her service before it was even up and running ! I advise reading a lot of entrepreneur magazines and I have left a link to a list of them for you below.
Try not to rush things, be original and unique, gain education and experience and your special business idea will come to you ! Best wishes on an exciting journey !
Michelle recommends the following next steps:
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
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Updated
Katherine’s Answer
The two best resources I know of for helping with figuring out running a business are this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng) and Dave Ramsey's book EntreLeadership.
Updated
Joe’s Answer
Becoming an entrepreneur involves a combination of mindset, skills, knowledge, and action. Here are some steps to help you embark on your journey as an entrepreneur:
Identify Your Passion and Purpose: Start by identifying your interests, passions, and strengths. Consider what you love to do and what problems or needs you are passionate about solving. Your business idea should align with your values and personal mission.
Research and Validate Your Idea: Conduct market research to assess the demand for your product or service. Identify your target audience, understand their needs and preferences, and assess the competition. Validate your idea by gathering feedback from potential customers and testing your product or service in the market.
Develop a Business Plan: Create a detailed business plan outlining your business concept, target market, value proposition, marketing strategy, operational plan, and financial projections. A well-thought-out business plan will serve as a roadmap for your entrepreneurial journey and help you secure funding if needed.
Acquire Necessary Skills and Knowledge: Develop the skills and knowledge necessary to succeed as an entrepreneur. This may include skills such as leadership, communication, negotiation, marketing, financial management, and problem-solving. Consider taking courses, attending workshops, or seeking mentorship to enhance your skills and expertise.
Secure Funding: Determine how you will finance your business venture. Explore options such as self-funding, bootstrapping, crowdfunding, loans, or seeking investment from venture capitalists or angel investors. Develop a financial plan and budget to ensure you have the necessary funds to launch and grow your business.
Build Your Network: Networking is essential for success as an entrepreneur. Build relationships with other entrepreneurs, industry professionals, mentors, and potential customers. Attend networking events, join industry associations, and participate in online communities to expand your network and gain valuable insights and support.
Take Action: Finally, take action and launch your business. Start small, test your ideas, and iterate based on feedback and results. Embrace challenges and setbacks as opportunities for growth and learning. Stay persistent, adaptable, and resilient as you navigate the ups and downs of entrepreneurship.
By following these steps and staying committed to your vision, you can become a successful entrepreneur and turn your business idea into reality. Remember that entrepreneurship is a journey, and success often requires patience, perseverance, and continuous learning.
Identify Your Passion and Purpose: Start by identifying your interests, passions, and strengths. Consider what you love to do and what problems or needs you are passionate about solving. Your business idea should align with your values and personal mission.
Research and Validate Your Idea: Conduct market research to assess the demand for your product or service. Identify your target audience, understand their needs and preferences, and assess the competition. Validate your idea by gathering feedback from potential customers and testing your product or service in the market.
Develop a Business Plan: Create a detailed business plan outlining your business concept, target market, value proposition, marketing strategy, operational plan, and financial projections. A well-thought-out business plan will serve as a roadmap for your entrepreneurial journey and help you secure funding if needed.
Acquire Necessary Skills and Knowledge: Develop the skills and knowledge necessary to succeed as an entrepreneur. This may include skills such as leadership, communication, negotiation, marketing, financial management, and problem-solving. Consider taking courses, attending workshops, or seeking mentorship to enhance your skills and expertise.
Secure Funding: Determine how you will finance your business venture. Explore options such as self-funding, bootstrapping, crowdfunding, loans, or seeking investment from venture capitalists or angel investors. Develop a financial plan and budget to ensure you have the necessary funds to launch and grow your business.
Build Your Network: Networking is essential for success as an entrepreneur. Build relationships with other entrepreneurs, industry professionals, mentors, and potential customers. Attend networking events, join industry associations, and participate in online communities to expand your network and gain valuable insights and support.
Take Action: Finally, take action and launch your business. Start small, test your ideas, and iterate based on feedback and results. Embrace challenges and setbacks as opportunities for growth and learning. Stay persistent, adaptable, and resilient as you navigate the ups and downs of entrepreneurship.
By following these steps and staying committed to your vision, you can become a successful entrepreneur and turn your business idea into reality. Remember that entrepreneurship is a journey, and success often requires patience, perseverance, and continuous learning.